21 January 2007
Yesterday at an exclusive event hosted at Dubai’s Jumeirah Beach Hotel, ADCB announced the official launch of its Foreign Exchange internet hedging platform - FX Freeway. ADCB’s top clients and senior management attended, where those present experienced live interactive demonstrations from a panel of the banks expert trading and technical staff.
“This is another significant milestone emphasizing our successful partnership with Macquarie Bank” said Eirvin Knox, CEO of ADCB
“We are very proud of what we have achieved since the start of the joint venture. Our business is driven by our client needs, and we certainly believe that this product will add huge value to our client’s business. ADCB are seen as a market leader in local and regional currencies, and this should further cement our reputation in both local and international currency business”. Added Mr. Knox
Mr. Paul Plewman Head - Derivatives & Commodities at ADCB said “This product allows ADCB clients to trade Foreign Exchange in an easy, efficient and transparent manner. Clients can see both the bid and offer price for any number of currency pairs. The platform runs on internet explorer with the highest international standard of internet security controls”.
“What is appealing about this system is that it provides up to the second market rates, available on the clients own computer screen, offering more control and flexibility in the way our clients monitor currency movements. The system does not charge any margins or commissions and compliments our already high service”. Added Mr. Plewman
This is the first free FX platform to be offered by a local bank, with no commissions or margins required. As part of the bank’s growing offering, ADCB’s treasury offer their clients products and structures in markets such as Interest Rates, Foreign Exchange, Metals, Energies and Investor Products
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