The increasing maturity of financial services and markets in the Middle East and Africa is creating an increasing need for advanced financial communications systems, according to Tim Furmidge, head of products at BT Global Financial Services. The systems were required to enable companies to carry out easy and secure transactions.
“Major financial institutions in the Middle East and Africa need advanced IT networking services to meet their ambitions for global expansion,” he said
“And international financial institutions coming to the region will need networking facilities that enable them to interact easily within their global framework of branches as well as transactions with international financial markets.
“With the decline in global equities markets, there is an increasing interest in the commodities trading. Also international financial institutions are moving to the region, especially to the Dubai International Financial Centre.
“There is a booming trend in Islamic banking. All these factors expand the business of trading firms and they need advanced and mature trading floors for their regional clients trading in equities, foreign exchange, commodities, energies and gold.
“I think there is a growing boom in these new products in the region and regional financial institutions will need advanced platforms for trading in these products. We came to Dubai to introduce such services.
Wael El Kabbany, BT’s vice-president for business development in the Middle East and Africa, said: “What we have seen in the region is the increasing maturity level of trading in financial markets and this trend requires certain use of professional trading floors and we introduce such kind of professional trading devices so the potential of our products is very high in the region.
“Over the past year some international banks operating in the UAE, which were using traditional trading systems have shifted to BT trading systems and this trend will expand during the next few years. “The regional markets are developing fast and this development cannot accept unprofessional trading systems.”
Hi-tech financial networking systems sought