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OANDA Expands Services To Middle East

By opening an office at Dubai International Financial Centre that offers automated 24/7 trading

OANDA, a provider of internet-based forex trading and currency information services, has formed the OANDA Middle East and opened an office in Dubai, located in the Dubai International Financial Centre (DIFC). Reportedly, Paul Hayward, managing director of OANDA Middle East, will focus on high net worth investors and institutions in the Middle East.

Mr. Hayward brings more than 25 years of foreign exchange experience to his position at OANDA. Before relocating to Dubai, he held a number of senior management positions at institutions regulated by the UK FSA, including CEO of Swiss Financial Services and head of sales at Raiffeisen Zentralbank London.

Michael Stumm, president and CEO of OANDA, said: “Our focus on technology makes us a good fit in the Middle East, which is a sophisticated market with a clear need for equitable and fair FX trading. The OANDA FXTrade platform boasts a long list of innovative firsts, including any-size trades and immediate execution with no requotes. The platform offers automated 24/7 trading, a particularly attractive feature in a region where Sunday is a typical business day.”

Mr. Hayward, said: “Middle East institutional investors are especially interested in hedging their exposure to volatile currencies such as the US dollar. OANDA has a long history of strong technology and openness, and we look forward to helping our clients manage their foreign exchange exposure and implement cost-effective hedging strategies.”