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DIFC preferred choice for international brokerage firms eyeing Dubai

70 brokerage firms now authorised by DIFC, representing largest cluster in the UAE

Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa, and South Asia (MEASA) region, has strengthened its position to become the preferred choice for globally renowned brokerage firms in the UAE, with 70 now established in the Centre.

Twelve brokerage firms were authorised in 2023 by Dubai Financial Services Authority (DFSA), the independent regulator of financial services conducted in or from DIFC. “This growth reflects the high demand and opportunities for brokers with most new firms coming from the MEASA region, Europe, UK, and the US,” a statement said.

Five of the brokerage firms in DIFC rank in the top 10 interdealer brokers globally by volume, including BGC Brokers L.P., GFI Securities Limited, Interactive Brokers, TP ICAP Limited, Tradition Limited and Vantage Capital Markets. These brokers, and others across DIFC provide a full range of trade execution and broker dealer services.

Salmaan Jaffery, chief business development officer, DIFC Authority, said, “We welcomed 12 new international brokerages to DIFC during 2023. The consistent inflow of top firms underscores Dubai’s attractiveness as a global financial services hub and DIFC’s world-class value proposition for industry players. The substantial installed base of 70 international brokerages underscores DIFC’s commitment to enhancing Dubai’s position as a leading global financial market.”

In just 20 years, DIFC has evolved into the region’s global centre of excellence for the financial industry where the world converges to innovate and mobilise capital. Home to the region’s broadest and deepest financial ecosystem, DIFC announced record-breaking growth in the first half of 2024 with a total of 6,153 active companies, a significant 24 per cent year-on-year boost from 4,949 in 2023.

Included in this total are 820 regulated firms, which are each fully licensed and registered by the DFSA; making it the largest cluster of financial firms in MEASA, and a beacon for the region’s increasingly sophisticated fast-growth markets.

A brokerage firm or brokerage connects buyers and sellers to complete a transaction such as equity, fixed income and commodities. Brokers are compensated in commissions or fees that are charged once the transaction has been completed.