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Middle East 'new frontier for $5.3trn forex market'.

MANAMA: Middle East will be the next frontier of $5.3 trillion daily global forex market which has been growing in double digits year over year since 2004, says Fortress Prime, a leading clearing house in the Middle East and Asia and an international provider of institutional trading liquidity.

It said that Middle East commands a significant increasing market share in the retail forex market with approximately eight per cent of the retail forex market at an average traded value of $23 billion per day against the daily global retail forex value of $288bn.

"By definition, forex is where the buying and selling of different currencies takes place at a price of one currency in terms of another, also known as the exchange rate," said Fortress Prime chief executive Mitch Eaglstein.

"Overall forex market is the largest financial market in the world -- it is about 27 times the size of daily trading volume on all world's stock markets combined.

"The Arab traders' base in retail forex is rapidly expanding due to the growing awareness among investors on opportunities provided by this dynamic market, including the availability of Islamic forex trading products,"

Referring to his company's growth in the Middle East and North Africa (Mena) region Mr Eaglstein said: "We are extremely excited about our rapid growth in such a short period of time.

"Over the past several months, our team has worked diligently to achieve incredible results on all fronts.

"The forex landscape is changing rapidly with the recent increase in volatility and changing clients' expectations.

"However, we are in a unique position to expand our market share driven by planned execution of a meticulous operational strategy and an aggressive acquisition program, in addition to our strong balance sheet."

Fortress Prime is a division of Fortress Capital Investments headquartered in Dubai, the UAE with operations in New York, US, to serve Mena, Asia and Latin America regions. "We aim to create a one-stop forex supermarket for diversified forex market players to enhance the overall customer trading experience, aided by an extremely streamlined organisation, operational excellence, a culture of highest ethical standards and a diversified offering," said Mr Eaglstein while elaborating on company's core competencies.

"We successfully launched our suite of product and services in September 2014 with the main focus on servicing forex market players in the Mena, Asia and Latin America regions.

"We have seen exponential growth in revenue and trading volumes since the launch and, as a result, we expect to be cash-flow positive by the fourth quarter of 2014."

In addition to this organic growth, Fortress Prime is planning to supplement its expansion in multi-jurisdictions through strategic acquisitions of qualified retail and forex prime brokers. Fortress Prime expects to fund these potential acquisitions in the near term through cash on hand from its highly capitalised parent company.

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Publication:Gulf Daily News (Manama, Bahrain)
Geographic Code:90ASI
Date:Nov 30, 2014
Words:485
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