CME Group has planted its first physical presence in the Middle East by opening an office in Dubai. The Chicago-based derivatives exchange announced that it wants to take the growing trading opportunity in the region as trading volumes continue to climb faster than other European markets.

CME Group noted that it has already received an operational license from the Dubai Financial Services Authority. The office will function as the firm’s regional center for South Asia, Africa, and the Middle East, according to the announcement.

CME Group Wants To Offer More Trading Opportunities To Clients

Chief Commercial Officer at CME Group, Julie Winkler, commented on the development. “Surging institutional and retail participation in financial markets has fueled demand for broader trading access in the Middle East,” he said.

Winkler also stated that there is increased demand for trading access in the Middle East, fueled by surging retail and institutional participation in financial markets. The firm wants to build on years of collaboration with brokers and regulators in the region to help clients pursue opportunities and manage their risks.

Winkler added that CME has been involved in market activities in the region even before this new office location. In June, following increased demand from clients in the region, the exchange listed the USD/AED currency pair on EBS platform.

The Asian region has seen a rise in trading volume for CFD brokers, which has drawn increased participation in the market. Tickmill recently stated that it has increased its turnover in the region by 54% year-on-year. Also, Capital.com says it now conducts more than 50% of its trading activities in MENA.

Sharif Jaghman Has Been Appointed To Lead The Region

Sharif Jaghman has been appointed as Head of Middle East and Africa. Following the appointment, he will be in charge of CME Group’s Dubai office. Before this new role, he was involved in strategy and growth initiative across Africa, the Middle East, and London. He also held senior roles at Euronext and Exchange, bringing nearly 20 years of financial services experience to his new role.

Head of EMEA at CME Group, Serge Marston, also commented on the development. “This is a significant step forward in elevating our EMEA presence for our clients,” he said. Marston added that the new office will offer clients and traders in the region a higher level of service than ever before. CME Group offers several products and services, including metals, agricultural commodities, energy, foreign exchange, equities, and cryptocurrency products.

Chief Business Development Officer at DIFC Authority, Salmaan Jaffery, stated that the center has had a strong relationship with CME Group. With the launch of a new office in the region, the business relationship will be stronger. He noted that the center is delighted to continue this relationship, helping to build a stronger market in the region over the years.

Following the launch of the new office in Dubai, CME Group hopes to expand its product offerings, thereby making its products and services more accessible in the region. It hopes to take advantage of the trading surge in the region to cement its place as a leader in the derivatives market.

Frequently Asked Questions

Is this the first office CME Group is opening in Dubai?

Yes, it’s actually the company’s first office in the entire Middle East.

Is CME Group Authorized to operate in the region?

Yes, the exchange has operational license from the Dubai Financial Services Authority.

What products and services will the firm offer clients?

CME Group stated that it will expand its offerings, including futures, cash markets, metals, and cryptocurrency products.