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Wed 22 Jun 2005 04:00 AM

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UAE's first online trading service launched

The first real time stock market information and online trading service has been launched in the UAE.

The first real time stock market information and online trading service has been launched in the UAE.

Mubasher, owned by the Saudi Arabian-based National Technology Group, has announced that ‘Mubasher Trade’ the first bilingual share dealing service will available to UAE investors shortly.

In Saudi Arabia, Mubasher currently has 60,000 subscribers and it was recently appointed as an authorised data vendor for the Abu Dhabi Securities Market (ADSM) and the Dubai Financial Market (DFM). The company is also the authorised data vendor in Kuwait, Oman and Jordan.

“Regional stock markets are growing at an unprecedented pace with the number of active investors, number of listed companies and trading volumes reaching new records every day,” said Mohammed Rashid Al Ballaa, chairman at the NTG. “This has placed enormous pressure on the traditional and manual method of serving investors. What is now required is convenience, efficient processing and the elimination of time delays. In other words a tool that empowers the investor and levels the playing fields.”

The company plans to give demonstrations of the new technology to traders and believed word-of-mouth will help drive people to the service.“We are keen on embracing new technologies to ensure hassle-free service to our clients. Mubasher’s real-time stock market information service and online trading are a big step in eliminating the current hassle of viewing and interacting with current market information,” Al Ballaa added.

Mubasher has successfully concluded tests of the ‘straight through ordering’ processing with both the ADSM and DFM, ahead of the launch of its online stock-trading engine.

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