Mubasher gets first online trading licence in UAE

Mubasher first financial brokerage to qualify for Emirates Securities and Commodities Authority e-trade licence

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By  Mark Sutton Published  May 13, 2008

Mubasher, one of the largest financial brokerage's in the region, has been awarded the first licence for online trading in the UAE by the Emirates Securities and Commodities Authority (ESCA).

The company, part of the National Technology Group (NTG), is already offering online trading in the Emirates, but with the award of the licence, Mubasher becomes the first company

To qualify for the licence Mubasher had to meet a stringent list of criteria from ESCA, particularly with regard to its IT systems. The brokerage worked with IT services provider Getronics Middle East to ensure that its infrastructure met standards, which include elements such as multi-routing and back-up to ensure uptime for applications and communications with financial markets; real time information and connectivity with brokers and markets, as well as Straight Through Processing (STP) for accurate and efficient and high levels of security including multilayer password protection.

The infrastrucuture is also highly scalable, to support hundreds of customers and millions of trade transactions without interruption, and has support for a wide range of access devices including mobile devices and IVRs.

Mubasher now hopes that the being the first ESCA authorised broker will enable it to drive its service to more investors and brokers both in the region and internationally.

Mohammad Jamal, sales and marketing manager, Mubasher said: "As the region's first and leading stock market information and online trading solutions provider, Mubasher has remained committed to delivering the best quality services and products to all our clients. The seal of approval as a legal entity approved by ESCA validates our status as a quality-oriented organisation, and will give us greater flexibility to further improve the delivery of services to our valued customers in the UAE."

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