The Dubai Financial Market (DFM) and the Abu Dhabi Securities Exchange (ADX) have said that investment bank EFG-Hermes has been ranked top broker for 2008 in terms of value traded on both exchanges.
EFG-Hermes has also shown consistent growth in daily percentage of trades across the DFM and the ADX, more than tripling its volumes of trade on both markets since the company's UAE launch in 2005.
EFG-Hermes' market share on the DFM for 2008 is now 19 per cent compared to 3.59 per cent when the brokerage division launched three years ago with a ranking of 19.
The investment bank also performed well on the ADX for 2008, rising up the ranks to the leading position accounting for 17.5 per cent of market share from 14th position in 2005 with a mere 4.16 per cent market share.
EFG-Hermes is the first broker to consistently hold the number one ranking for all 12 months throughout 2008 on the DFM, said a statement.
"Our recent acquisitions of Gulf Financial Brokerage in Kuwait and of Vision Securities in Oman have lead EFG-Hermes to the number three position on both exchanges. We also continue to maintain our number one ranking on the Egyptian Exchange (EGX) which we are proud to have held for more than ten years," said Sherif Cararah, Head of EFG-Hermes Brokerage.
EFG-Hermes Brokerage has recently been granted permission to provide non-resident foreign investors with the ability to purchase Saudi Arabian equities through trade swap arrangements, in compliance with the Capital Market Authority's new regulation.