Source : Dubai WAM

Source : Aci Forex

19 Nov 2012

Interarab Cambist Association – ICA, ACI’s sister body in the Middle East area, held its yearly conference in Casablanca. Some 500 delegates gathered for the networking meeting. ACI hold its ACI Foreign Exchange Committee meeting at the occasion. Abudllah al’Ahmadi became re-elected President, and Amr Bahaa stays as Vice Chairman. Tony Blair and Dominique Strauss-Kahn held excellent key-notes speeches on the region the sovereign debt crisis in Europe.

ICA Chairman Abdullah Al Ahmadi and ICA Vice Chairman Amr Bahaa

Tony Blair

Dominique Strauss Khan

ACI Presidents meets Tony Blair at the occasion of the conference

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Source : Aci Forex

10 Nov 2012

At the occasion of ACI’s Council Budget and Strategy 2013 meeting in Istanbul the board met with the local Turkish Traders Association. Both associations updated on their developments and looking for mutual cooperation in future.

• 20121108_Istanbul_ACI_Bankers_Reception_Invitation.pdf
• 20121114_ACI_Council_THANK_YOU_Istanbul_Reception.pdf

ACI EB members met Turkish Dealers Association Board

rom left to right: Philippe Jeanne, Natixis, President ACI Europe Luciano Turba, UbiBanca, CFO of ACI Claudia Segre, Credem, Chair of BOE David Woolcock, Eurobase, Chair of CFP Bora B

Manfred Wiebogen ACI President, Bora Bocugoz Bora B

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Source : Aci Forex

09 Nov 2012

To respond to the enormous challenges and changed market environment, ACI’s Council decided at the recent meeting in Istanbul to move for a paid ACI President & CEO. This is the first time in history of the association that the Chair will be a full time job, acting as ambassador and intensifying internal and external contacts.

ACI Council members at the end of Istanbul meeting.

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Source : Aci Forex

09 Nov 2012

After the implementation of new elements in electronic trading and FX Best Practices in Operations, The International Code of Conduct and Practices for the Financial Markets (MOC) was re-written. The Council will still take a review of the final version until November 28th. “ACI schedules for January 2013 some endorsement procedures but also a marketing offensive”, confirms David Woolcock, Chair of the CFP and Manfred Wiebogen, President ACI.

David Woolcock, CFP Chair, presents the rewritten Model Code during the Istanbul reception with the Turkish Dealers Association

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Source : Aci Forex

ACI’s Executive Board approved at its yesterday’s meeting in Paris the rewrite of the Model Code.
The MOC became presented by David Woolcock, Chair of the CFP, and Manider Lidhar. Additional focus is given to FX best practices in settlement and electronic trading.
The official launch of the refurbished document of ethical behaviour in Financial Markets will be at the Council Meeting November 9th in Istanbul.
Manfred Wiebogen ACI President said: “The New Model Code is an essential and useful update to the new Financial Markets standards. It recalls the strong moral obligations of all markets participants when acting or trading. ACI calls for all practitioners to stick to the defined rules which are based on market experience and different Central Bank requirements.”

Paris, September the 5th 2012
http://www.aciforex.org/docs/misc/20120905_The_Model_Code_Re-Write.pdf

The President receives the new Model Code
From left to right: Manider Lidhar, Manfred Wiebogen, David Woolcock, Jean-Pierre Ravisé.

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Source : Reuters

(Reuters) – The rate of bank lending growth in the United Arab Emirates is “reasonable,” Central Bank Governor Sultan Nasser al-Suweidi said on Friday.

“Bank lending is going at a reasonable rate. The rate has been close to 3.5 percent, which is reasonable under the circumstances,” he told reporters on the sidelines of a financial conference.

He described the central bank’s monetary policy as “good”, when asked the possibility of shifts in monetary policy, without elaborating.

The 2008 global financial crisis exposed bank lending excesses in the oil-reliant UAE economy, bursting a property bubble and triggering a $25 billion debt restructuring of Dubai World in 2010.

However, most UAE banks have large capital cushions by international standards and they have been relatively unscathed by the euro zone debt crisis because they have only minor exposure to Europe.

Despite some recovery, bank lending remains sluggish in the UAE. Provisions against bad loans rose to a record 55.3 billion dirhams ($15.1 billion) in December, up 25 percent from a year ago, central bank data show.

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Source : Gulfnews

Dubai: Gulf economies and various Gulf-based asset classes benefited from the Middle East’s political uprisings, popularly known as the Arab Spring.

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Source : Khaleejtimes

DUBAI – The UAE bank lending growth rate is “reasonable” and projects in the country will not suffer from funding shortages due to impending problems banks in the eurozone face in the backdrop of the debt crisis, Sultan bin Nasser Al Suwaidi, UAE Central Bank Governor, said in Dubai on Friday.

The governor, who addressed delegates at the 51^st ACI Financial Markets World Congress in Dubai, told reporters that the UAE banks’ lending rate has been close to 3.5 per cent, which “is reasonable under the circumstances.”

He said the eurozone crisis and tighter banking regulations adopted globally could restrict sources of funding and pose challenges to the future expansion of global financial markets. “You have to accept that you will be facing challenges to funds available to… countries. Those funds will be reduced terribly…” on the back of new and tighter banking regulations adopted globally through the implementation of Basel II and Basel III rules,” the governor said.

“Reduced loans to trade financing are the other challenge.”  He said the UAE is doing well and it has become the centre in the region for trade, tourism and business transactions. The UAE trade surplus with the US was $11.7 billion in 2010 and $23.2 billion with the EU, he pointed out.  Al Suwaidi said although banking industry across the world is to be impacted by the new capital adequacy requirements under the Basel III and other new international banking regulations, banks in the UAE are in comfortable position.

UAE banks boast one of the highest capital adequacy ratios in the world. While the 2008 global financial crisis exposed bank-lending excesses in the oil-reliant UAE economy, bursting a property bubble and triggering a $25 billion debt restructuring of Dubai.

World in 2010, most UAE banks have large capital cushions by international standards. They also have been relatively unhurt by the eurozone debt crisis because they have only minor exposure to Europe.

According to Standard & Poor’s, the regulatory capital adequacy ratios the UAE are “in the high teens and in some cases up to 20 per cent” which are already above the minimum set in the Basel III proposals.

Moody’s Investors Service in a recent observation said while bank-lending growth in the UAE was to remain subdued, banks had increased their capital over the past two years, and the system average Tier 1 for year-end 2010 was 14.3 per cent.

Moody’s also considers the UAE banks’ liquidity metrics to have significantly improved, a trend that has been reinforced by progress in liquidity risk management at many UAE banks.

Al Suwaidi described the central bank’s monetary policy as good when asked the possibility of a change in its monetary policy.

The governor has repeatedly said in the past that the UAE banks have enough liquidity to meet the local market’s demands and that they are not exposed to eurozone debts. However, despite some recovery, bank lending remains sluggish. Provisions against bad loans rose to a record Dh55.3 billion in December, up 25 per cent from a year ago, central bank data show.

Moody’s said recently that funding for an estimated $1.8 trillion of capital investments underway in the GCC would be in danger with banks in the region facing a severe cash shortfall in the wake of cutback of lending by European banks.

The ratings agency argued that GCC banks would have to face a short-term liquidity squeeze and a long-term structural shortfall in the event of “a sustained retrenchment” by European banks from the region.

Overall, European bank lending to the GCC region amounted to around $237 billion as of September 2011.

As the European banks continue to pull out from non-core markets or reduce their exposure in such markets in the wake of a deepening debt crisis, it is inevitable that Gulf banks have to confront a funding gap, Moody’s said in its latest report.

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Source : Gulfnews

Dubai: Projects in the UAE will not face a shortage of funding because of the changes in international banking regulations or the potential difficulties faced by banks in Europe, Sultan Bin Nasser Al Suwaidi, UAE Central Bank governor, said in Dubai yesterday.

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Source : Khaleejtimes

Gold will continue to be a star performer for investors in 2012, just as falling imports of the metal into India undermine the trade in Dubai, a leading precious metals expert said.

DUBAI – Gold will continue to be a star performer for investors in 2012, just as falling imports of the metal into India undermine the trade in Dubai, a leading precious metals expert said on Friday.

The yellow metal, which has been on a relentless rally during most of 2011, “will threaten to reach $2,000 per ounce this year, but ultimately fall just short of the mark,” said Jeffrey Rhodes, Global Head of Precious Metals and CEO, INTL Commodities, Dubai Multi Commodities Centre (DMCC).

Rolf W. Schneebeli, Gold Services AG, told Khaleej Times that the precious metal, which has been one of the top performers in 2011, has stabilized after the drop at the end of the year.

“The price will continue to break the 1660 level and stay above it. There is a good chance the price goes to the 1680 – 1700 level. The situation in the Gulf could drive the price higher short term,” said Schneebeli.

There has been a growing divide among banks and bullion analysts in their forecasts for the direction of gold prices this year amid deepening global economic uncertainty.

US investment bank Goldman Sachs recently cut its 2012 price outlook on gold and Commerzbank analysts said precious metals are likely to regain their shine and expected prices to rise sharply.

According to Goldman, the yellow metal remains among the top tier of commodities for equity investment despite the downgrade as low interest rates and diversification of foreign exchange reserves by emerging nations ensures that the central banks remain net buyers.Longer term, Goldman expects gold to trade between 1,550 per ounce and $2,000 per ounce over the next 12 months, “progressively favouring the upper end of the range.” “Gold should resume its upward trend as the year progresses,” Commerzbank’s head of commodity research Eugen Weinberg said in a note. Commerzbank said it expects the yellow metal’s prices to touch $1,900 per ounce by the end of 2012. The German bank said it expects gold prices to average $1,600 per ounce, $1,650 per ounce and $1,750 per ounce in the first three quarters.

On Friday, Rhodes, who was taking part in panel debate at ACI Financial Markets World Congress at the Dubai International Convention and Exhibition Centre, saw the present weakness across the precious metals sector, and a strong track record in performances over the last ten years, as factors combining to present good buying opportunities.

Analysing the potential for investment in precious metals this year, Rhodes said that while gold has gained by 5.43 per cent from the end of 2011 to its current price of around $1650, this is well off the high of $1790 posted at the end of February.

“I remain cautiously bullish for 2012 as a whole and see the current weakness across the precious metals sector as a buying opportunity,” he said. “In a world devoid of yield, money managers need to invest in asset classes that will give capital gains, and moreover they need to point to track record when explaining their investment strategies to their investors.

“Gold is the star performer in global markets, gaining 480 per cent over the last ten years, posting an increase in the annual price in each of those years with an average annual return of 20 per cent per annum.

“While some would argue that gold is simply a counter currency investment to the US dollar, the fact is that gold has performed well in a wide range of currencies. During the period 2001 to 2011 gold rose by 273 per cent in Euros, 280 per cent in yen, 353 per cent in Yuan, and 436 per cent in Indian rupees,” said Rhodes.

He said silver has been even more impressive with the average price in 2011 almost 600 per cent above 2001 with an annual average return of 23 per cent per annum over those ten years. “Platinum and palladium rose by an annual average of 14 per cent per annum and 10 per cent   respectively over the same period.”

“We expect a high for gold in 2012 of $1,975. I think that gold can be such a tease that it will get everyone excited about a price north of $2,000 only to let us down. Our suggested low is $1,465 with an average price for 2012 of $1,727,” said Rhodes.

He said the projected high for silver this year is $50.25, with a low of $22.25 and an average price of $36.25. Platinum is expected to reach a high of $1,940 with a low of $1,305 and an average price of $1,735 for the year. Palladium is projected to reach a high of $920, a low of $565 and an average price of $765.

“The prospects for the gold trade in Dubai, as a proxy for the Middle East, are very much tied to the outlook for physical gold demand in India. Following the recent actions by the Indian Government to raise import duties, imports of gold into India are this year expected to be sharply down on 2011, which will impact Dubai’s gold trade,” he said.

The two-day congress is hosted by the UAE Financial Markets Association, which was established in December 2011, and is an affiliation of the Association Cambiste Internationale (ACI), the global umbrella body of the national financial markets associations around the world.

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Source : Zawya

51st ACI Financial Markets World Congress hosts global CEOs; discusses rise in Islamic banking practices and Euro Zone crisis

Dubai, UAE, 12 March 2012: The financial markets opportunities created by the Arab Spring movement throughout 2011 will be revealed by experts from major global financial institutions in a panel discussion on the opening day of the 51^st ACI Financial Markets World Congress, to be hosted in Dubai for the first time.

Brad Bourland, Chief Economist and Head Prop Investments of Jadwa Investments will be joined by Farah Foustock, CEO, ING Investment Management and Said Hirsh, Middle East Economist of Capital Economics to spark lively debate and offer expert analysis on the state of the financial markets industry in the wake of one of the biggest revolutions the region has seen.

The panel discussion will take place immediately after Rick Pudner, CEO of Emirates NBD Bank, the largest banking institution in the UAE, delivers a keynote address to the delegates of the congress where he will present the current financial market scenario in the Middle East.

The afternoon keynote speech will come from one of the world’s most respected advisors in the financial markets industry. Professor Otmar Issing, President of the Centre for Financial Studies at Goethe University in Frankfurt and advisor to Goldman Sachs will discuss the ongoing Euro Zone crisis and its global implications.

Renowned for developing the ‘two pillar’ approach to monetary policy decision making that the European Central Bank has adopted, Professor Issing will shed light on how European policies were set in the past and how these now must be adapted going forward in order to survive the Euro Zone situation.

The congress will also offer new insight into Sukuk trading, the Islamic equivalent of bond issues, which has seen a surge in sales in recent months as issuers turn to Islamic finance for capital, offering companies a way to raise money after tight global credit conditions last year limited issuance from the region.

Rupesh Hindocha, Head of Credit Trading MEA at Standard Chartered Bank, Yaser Abushaban, Director of Asset Management at Emirates Investment Bank, Chavan Bhogaita, Head of Markets Strategy, National Bank of Abu Dhabi and Nick Stadmiller, Head of Fixed Income Research at EmiratesNBD will come together to discuss the intricacies of Sukuk trading at the congress.

Held under the patronage of His Highness Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, the congress takes place from 22 to 24 March 2012 at the Dubai International Financial Centre (DIFC). It is hosted by the UAE Financial Markets Association, established in December 2011 and an affiliation of the Association Cambiste Internationale (ACI), the global umbrella body of the national financial markets associations around the world.

ACI was founded in Paris in 1955 and now has more than 20,000 members in 80 countries, making it the largest international association in the wholesale financial markets industry. Now in its 51^stedition, the ACI Financial Markets World Congress is hosted in major economic hubs around the world, most recently in Cape Town, Sydney and Budapest.

The decision to nominate Dubai as the host city in the wake of 2011’s Arab Spring is significant; one of the Middle East’s most respected markets for global banking and finance, Dubai is the gateway to the MENA region, facilitating a safe and well-connected trade network and an established centre for Islamic banking services.

Mohammed Al Hashemi, President of the UAE Financial Markets Association, said: “The event offers banking professionals from across the MENA region a chance to network, discuss and debate topical business challenges currently facing the finance market.”

The congress is supported by Official Banking Partner, EmiratesNBD, Gold Sponsor UBS, Silver Sponsor National Bank of Fujairah, Strategic Partner Dubai International Financial Centre (DIFC) and Official Media Partner, Bloomberg.

Other sponsors include 360t, 4CAST, ACI Indonesia, ADS Securities, BNP Paribas, Citi, Commerz Bank, Copp Clarke, DDCAP Ltd, Deal Hub, Deutsche Bank, DJ FX Trader, Gain GTX, ICA, ICAP, INTL FCStone, J.P. Morgan, Master Capital Group, MICEX-RTS Group, Saxo Bank, SEB, Standard Bank, Thomson Reuters and Wall Street.

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Source : Zawya

Mohammed Al Hashemi, President of UAE FMA points to increasing long-term investment opportunities in public listed companies and the real estate sector on the UAE financial markets.
Inaugural ACI Financial Markets World Congress in Dubai attracts more than 600 international delegates

Dubai, UAE, 12 April, 2012: Mohammed Al Hashemi, President of UAE Financial Markets Association (FMA) has hinted that the UAE real estate sector and public listed companies offer the most potential for investors seeking long term investment opportunities.

Commenting on the growth of trading volumes on the UAE financial markets in 2012 so far, Al Hashemi expected that this year would continue to see a significant upward trend across different sectors in the GCC, with the real estate and public sector leading the way in the UAE.

“We can see an upward trend and growth in different sectors in the GCC, particularly in the UAE, with trading volume expected to be higher this year compared to 2011,” said Al Hashemi.

“Market valuations seem to be at very attractive levels to invest in sound public listed companies, and the real estate market will also be a great investment opportunity in the long run for investors that have a three to five year horizon.”

Al Hashemi was speaking on the back of the 51^st ACI Financial Markets World Congress, which recently took place for the first time in Dubai, and was hosted by the UAE FMA. Attracting more than 600 delegates from across the globe, the international congress put a spotlight on the emirate as a leading player in the global financial markets sector.

Established in December 2011, the UAE FMA is an affiliation of the Association Cambiste Internationale (ACI), the global umbrella body of the national financial markets associations around the world.

The first of its kind in the country, the UAE FMA was established to raise awareness about the financial markets in the UAE, providing a platform for banking and finance professionals from across the country to network and debate strategies to foster future growth.

“The UAE FMA is the country’s dedicated financial markets body that organises annual seminars and forums, allowing members to provide feedback to industry officials to enhance professional standards of financial markets and improve communications between other international financial bodies,” said Al Hashemi, adding that the organisation already has 200 members, and seven board members.

“The ACI Financial Markets World Congress was the first congress that we have hosted, and proved to be an astounding success, with very positive feedback from speakers and delegates alike. We now look forward to hosting many more similar conferences on an annual basis, and look forward to hosting the ICA Congress in 2014, which promises to be bigger than the ACI 2012 Congress.”

Under the patronage of H.H. Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, The ACI Financial Markets World Congress was supported by the UAE Central Bank, Official Banking Partner EmiratesNBD, Gold Sponsor UBS, Silver Sponsor National Bank of Fujairah, Strategic Partner Dubai International Financial Centre (DIFC) and Official Media Partner, Bloomberg.

Other sponsors include 360t, 4CAST, ACI Indonesia, ADS Securities, BNP Paribas, Citi, Commerz Bank, Copp Clarke, DDCAP Ltd, Deal Hub, Deutsche Bank, DJ FX Trader, Gain GTX, ICA, ICAP, INTL FCStone, J.P. Morgan, Master Capital Group, MICEX-RTS Group, Saxo Bank, SEB, Standard Bank, Thomson Reuters and Wall Street.

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Source : Ameinfo

Mohammed Al Hashemi, President of UAE Financial Markets Association (FMA) has hinted that the UAE real estate sector and public listed companies offer the most potential for investors seeking long term investment opportunities.

Commenting on the growth of trading volumes on the UAEfinancial markets in 2012 so far, Al Hashemi expected that this year would continue to see a significant upward trend across different sectors in the GCC, with the real estate and public sector leading the way in the UAE.

“We can see an upward trend and growth in different sectors in theGCC, particularly in the UAE, with trading volume expected to be higher this year compared to 2011,” said Al Hashemi.

“Market valuations seem to be at very attractive levels to invest in sound public listed companies, and the real estate market will also be a great investment opportunity in the long run for investors that have a three to five year horizon.”

Al Hashemi was speaking on the back of the 51st ACI Financial Markets World Congress, which recently took place for the first time in Dubai, and was hosted by theUAE FMA. Attracting more than 600 delegates from across the globe, the international congress put a spotlight on the emirate as a leading player in the global financial markets sector.

Established in December 2011, the UAE FMA is an affiliation of the Association Cambiste Internationale (ACI), the global umbrella body of the national financial markets associations around the world.

The first of its kind in the country, the UAE FMA was established to raise awareness about the financial markets in the UAE, providing a platform for banking and finance professionals from across the country to network and debate strategies to foster future growth.

“The UAE FMA is the country’s dedicated financial markets body that organises annual seminars and forums, allowing members to provide feedback to industry officials to enhance professional standards of financial markets and improve communications between other international financial bodies,” said Al Hashemi, adding that the organisation already has 200 members, and seven board members.

“The ACI Financial Markets World Congress was the first congress that we have hosted, and proved to be an astounding success, with very positive feedback from speakers and delegates alike. We now look forward to hosting many more similar conferences on an annual basis, and look forward to hosting the ICA Congress in 2014, which promises to be bigger than the ACI 2012 Congress.”

Under the patronage of H.H. Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, The ACI Financial Markets World Congress was supported by the UAE Central Bank, Official Banking Partner EmiratesNBD, Gold Sponsor UBS, Silver Sponsor National Bank of Fujairah, Strategic Partner Dubai International Financial Centre (DIFC) and Official Media Partner, Bloomberg.

Other sponsors include 360t, 4CAST, ACI Indonesia, ADS Securities, BNP Paribas, Citi, Commerz Bank, Copp Clarke, DDCAP Ltd, Deal Hub, Deutsche Bank, DJ FX Trader, Gain GTX, ICA, ICAP, INTL FCStone, J.P. Morgan, Master Capital Group, MICEX-RTS Group, Saxo Bank, SEB, Standard Bank, Thomson Reuters and Wall Street.

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Source : Ameinfo

Growing trade in Islamic bonds in the Gulf region this year could be driven further by increased private sector interest in sukuk on the back of strong activity by banks, the 51st ACI Financial Markets World Congress will be told in Dubai this weekend.

Nick Stadtmiller, Head of Fixed Income Research at Emirates NBD, said over $6bn of sukuk have been sold by GCC entities so far in 2012 compared to issuance of $7.3bn for all in 2011, with theUAE‘s Majid Al Futtaim Group paving the way for more private sector involvement in Islamic finance through a recent sukuk sale.

With Islamic financial institutions currently holding Shariah-compliant assets worth an estimated $1 trillion, he said the global sukuk market was valued at $180bn.

“Regional banks have been especially active in tapping the sukuk market in recent months,” said Stadtmiller, who will be among a team of experts analysing the intricacies of sukuk trading at the ACI Financial Markets World Congress, taking place from 23 – 24 March under the patronage of H.H. Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance.

“Another interesting development in the sukuk market was Majid al Futtaim Group’s $400m sukuk sale in February. MAF’s sukuk issuance may open the market to other purely privately owned regional companies,” he added.

Stadtmiller said the growth in sukuk sales in the Gulf region in recent months stems from high demand for the current limited supply of Islamic bonds, while many financial institutions with good liquidity are looking to put money into new investment channels.

“Malaysia is the oldest and largest market for sukuk, but the GCC sukuk market has grown considerably in recent years,” he said. “By selling sukuk, issuers can reach a wider audience of investors, including Islamic institutions that are required to invest in assets that do not pay interest.”

Stadtmiller said the ACI Financial Markets World Congress, at the Dubai International Convention and Exhibition Centre, is creating an important platform to focus on the “large and growing business” of Islamic finance.

“Estimates put the total amount of Shariah-compliant assets at Islamic financial institutions at $1 trillion and the global sukuk market at $180bn,” he said. “The ACI World Congress offers an opportunity for investors from around the world to learn about the instruments and players in this important segment of the global financial markets.”

“Many Islamic institutions, particularly in the Middle East and Southeast Asia, have ample liquidity and are looking to deploy money into new investments. Sukuk are a relatively new product, and currently supply of sukuk is small compared to the potential demand for these assets,” he added.

“The supply-demand imbalance in the sukuk market means that issuers can place sukuk among a wide investor base and attract competitive pricing on sales. The investor base for sukuk is more concentrated in the Middle East and Southeast Asia. Sukuk offer regional issuers an avenue to diversify their sources of funding away from Europe and into new geographies,” he quoted.

During the ACI Congress, Stadtmiller will take part in a panel discussion on sukuk trading with Rupesh Hindocha, Head of Credit Trading MEA at Standard Chartered Bank, Yaser Abushaban, Director of Asset Management at Emirates Investment Bank and Chavan Bhogaita, Head of Markets Strategy, National Bank of Abu Dhabi.

The event will begin on Friday, when Brad Bourland, Chief Economist and Head Prop Investments of Jadwa Investments, Farah Foustok, CEO, ING Investment Management and Said Hirsh, Middle East Economist of Capital Economics, will take part in what is expected to be a lively debate on the state of the financial markets industry in the wake of the Arab Spring.

The 51st ACI Financial Markets World Congress is hosted by the UAE Financial Markets Association, which was established in December 2011 and is an affiliation of the Association Cambiste Internationale (ACI), the global umbrella body of the national financial markets associations around the world.

Founded in Paris in 1955, the ACI has more than 20,000 members in 80 countries, making it the largest international association in the wholesale financial markets industry.

“Dubai is a place that cannot be ignored in today’s finance industry,” said Manfred Wiebogen, ACI President. “Reflecting on the changed environment in today’s financial markets, it is very significant that the ACI has come to the GCC region for the first time. We look forward to making a valued contribution to this rising hub between the East (Asia) and the West (Europe and US).”

The ACI Financial Markets World Congress is supported by the UAE Central Bank, Official Banking Partner Emirates NBD, Gold Sponsor UBS, Silver Sponsor National Bank of Fujairah, Strategic Partner Dubai International Financial Centre (DIFC) and Official Media Partner, Bloomberg.

Other sponsors include 360t, 4CAST, ACI Indonesia, ADS Securities, BNP Paribas, Citi, Commerz Bank, Copp Clarke, DDCAP Ltd, Deal Hub, Deutsche Bank, DJ FX Trader, Gain GTX, ICA, ICAP, INTL FCStone, J.P. Morgan, Master Capital Group, MICEX-RTS Group, Saxo Bank, SEB, Standard Bank, Thomson Reuters and Wall Street.

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Source : Bi Me

UAE. Financial institutions with an existing physical presence and established relationships in the Middle East region are set to benefit most from emerging opportunities created by the Arab Spring, financial experts have advised today.

In a panel discussion at the 51st ACI Financial Markets World Congress, currently taking place at the Dubai International Convention and Exhibition Centre, leading finance experts discussed rising financial market opportunities in the wake of the Arab Spring, sparking lively debate on what the best strategies are going forward.

Said Hirsh, the Middle East Economist for Capital Economics, London UK, and one of the panellists said that the opportunities beyond the initial period of unrest in certain countries could be significant, particularly in the poorer countries in need of capital investment.

“Emerging financial market opportunities created by the Arab Spring varies across countries,” said Hirsh. “For the resource-poor countries, particularly those hit hard by the turmoil, the opportunities beyond the initial period of unrest could be huge.

“If these countries end up pursuing market-friendly economic reforms, along with legal and regulatory reforms, this would boost their growth and incomes in the medium and long-term, which would in turn attract foreign capital.

“If fiscal reforms are also pursued, this could transfer some of the banking assets into the private sector, which also benefits the economy.”

Hirsh said that global and regional financial institutions should begin to think of their exposures beyond solely extending credit to major corporations and sovereign funds in the region, with those that don’t take the region seriously likely to miss out.

Added Hirsh: “If large countries such as Egypt and Morocco grow rapidly in the next ten years as we expect, then there is likely to be a marked acceleration in demand for financial products, both in wholesale and retail markets.

“Those financial institutions that already have a physical presence and relationships in the region are set to benefit most. Others will lose out if they don’t begin to take the region more seriously, in spite of the current difficulties.”

Joining Hirsh on the panel discussion at the ACI Financial World Markets Congress was Farah Foustok, CEO ING Investment Management, Middle East and Africa; and Brad Bourland, Chief Economist and Head Prop Investments of Jadwa Investments.

Foustok said that the Arab Spring acted as a catalyst for Arab people to appeal to regional governments for an overhaul of the economy and increased levels of prosperity, but warned significant policy reforms still need to be implemented to attract foreign capital.

“As the eyes of the global investors focus on the region, an improvement in the framework supporting governance, compliance, and risk is needed,” Foustok said. “Improved transparency, communication and increased local participation in the work force will also be essential to attract foreign investment.”

Under the patronage of H.H. Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, the ACI Financial World Congress is hosted by the UAE Financial Markets Association, which was established in December 2011, and is an affiliation of the Association Cambiste Internationale (ACI), the global umbrella body of the national financial markets associations around the world. The two-day congress concludes March 24.

Founded in Paris in 1955, the ACI has more than 20,000 members in 80 countries, making it the largest international association in the wholesale financial markets industry.

“Every year traders and financial markets experts from more than 50 countries gather at the ACI Financial Markets World Congress to discuss and inform about the latest financial market trends and developments,” said Manfred Wiebogen, ACI President. “For the last two days Dubai has been put in the spotlight of the financial treasury industry, but the impression and the contacts made will continue to last, quiet often forever.”

The ACI Financial Markets World Congress is supported by the UAE Central Bank, Official Banking Partner EmiratesNBD, Gold Sponsor UBS, Silver Sponsor National Bank of Fujairah, Strategic Partner Dubai International Financial Centre (DIFC) and Official Media Partner, Bloomberg.

Other sponsors include 360t, 4CAST, ACI Indonesia, ADS Securities, BNP Paribas, Citi, Commerz Bank, Copp Clarke, DDCAP Ltd, Deal Hub, Deutsche Bank, DJ FX Trader, Gain GTX, ICA, ICAP, INTL FCStone, J.P. Morgan, Master Capital Group, MICEX-RTS Group, Saxo Bank, SEB, Standard Bank, Thomson Reuters and Wall Street.

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Source : Arab News

Gold can be a star performer for investors in 2012, just as falling imports of the metal into India undermine the trade in Dubai, a leading precious metals expert says.

Jeffrey Rhodes, Global head of Precious Metals and CEO, INTL Commodities, Dubai Multi Commodities Centre (DMCC), predicts that gold prices will threaten to reach $2,000 per ounce this year, but ultimately fall just short of the mark.
Rhodes, who has been involved in the international precious metals business since 1978, took part in a panel debate today on the future of the US Dollar, BRIC (Brazil, Russia, India, China), and commodities, at the 51st ACI Financial Markets World Congress in Dubai.
He sees present weakness across the precious metals sector, and a strong track record in performances over the last ten years, as factors combining to present good buying opportunities.
Analyzing the potential for investment in precious metals this year, Rhodes said that while gold has gained by 5.43 percent from the end of 2011 to its current price of around $1,650, this is well off the high of $1790 posted at the end of February.
“I remain cautiously bullish for 2012 as a whole and see the current weakness across the precious metals sector as a buying opportunity,” he said. “In a world devoid of yield, money managers need to invest in asset classes that will give capital gains, and moreover they need to point to track record when explaining their investment strategies to their investors.
“Gold is the star performer in global markets, gaining 480 percent over the last ten years, posting an increase in the annual price in each of those years with an average annual return of 20 percent per annum.
“While some would argue that gold is simply a counter currency investment to the USD, the fact is that gold has performed well in a wide range of currencies. During the period 2001 to 2011 gold rose by 273 percent in euros, 280 percent in yen, 353 percent in yuan, and 436 percent in Indian rupees.
“Silver has been even more impressive with the average price in 2011 almost 600 percent above 2001 with an annual average return of 23 percent per annum over those ten years. Platinum and palladium rose by an annual average of 14 percent p.a. and 10 percent p.a. respectively over the same period.”
“We expect a high for gold in 2012 of $1,975. I think that gold can be such a tease that it will get everyone excited about a price north of $2,000 only to let us down. Our suggested low is $1,465 with an average price for 2012 of $1,727,” added Rhodes.
He said the projected high for silver this year is $50.25, with a low of $22.25 and an average price of $36.25. Platinum is expected to reach a high of $1,940 with a low of $1,305 and an average price of $1,735 for the year. Palladium is projected to reach a high of $920, a low of $565 and an average price of $765.
Rhodes said: “The prospects for the gold trade in Dubai, as a proxy for the Middle East, are very much tied to the outlook for physical gold demand in India. Following the recent actions by the Indian Government to raise import duties, imports of gold into India are this year expected to be sharply down on 2011, which will impact Dubai’s gold trade.”
Taking place at the Dubai International Convention and Exhibition Centre, the 51st ACI Financial World Congress which concludes today is held under the patronage of Sheikh Hamdan bin Rashid Al-Maktoum, deputy ruler of Dubai and Minister of Finance.
Rhodes felt completely “at home” as an expert panelist at the Congress, which is appearing in Dubai for the first time. “For many years, although I was a leading gold market maker, the banks I worked with in the 1970’s, 80’s and 90’s regarded the precious metals trading desks as part of treasury and so I was always registered as a member of the ACI,” he explained. “So being involved this week is a bit like coming home”.
The two-day congress is hosted by the UAE Financial Markets Association, which was established in December 2011, and is an affiliation of the Association Cambiste Internationale (ACI), the global umbrella body of the national financial markets associations around the world.
Founded in Paris in 1955, the ACI has more than 20,000 members in 80 countries, making it the largest international association in the wholesale financial markets industry.
The ACI Financial Markets World Congress is supported by the UAE Central Bank, Official Banking Partner Emirates NBD, gold sponsor UBS, silver sponsor National Bank of Fujairah, strategic partner Dubai International Financial Centre (DIFC) and Official Media Partner, Bloomberg.

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Source : Ameinfo

Financial institutions with an existing physical presence and established relationships in the Middle East region are set to benefit most from emerging opportunities created by the Arab Spring, financial experts have advised today.

In a panel discussion at the 51st ACI Financial Markets World Congress, currently taking place at the Dubai International Convention and Exhibition Centre, leading finance experts discussed rising financial market opportunities in the wake of the Arab Spring, sparking lively debate on what the best strategies are going forward.

Said Hirsh, the Middle East Economist for Capital Economics, London UK, and one of the panellists, said that the opportunities beyond the initial period of unrest in certain countries could be significant, particularly in the poorer countries in need of capital investment.

“Emerging financial market opportunities created by the Arab Spring varies across countries,” said Hirsh. “For the resource-poor countries, particularly those hit hard by the turmoil, the opportunities beyond the initial period of unrest could be huge.”

He said, “If these countries end up pursuing market-friendly economic reforms, along with legal and regulatory reforms, this would boost their growth and incomes in the medium and long-term, which would in turn attract foreign capital.”

“If fiscal reforms are also pursued, this could transfer some of the banking assets into the private sector, which also benefits the economy,” he added.

Hirsh said that global and regional financial institutions should begin to think of their exposures beyond solely extending credit to major corporations and sovereign funds in the region, with those that don’t take the region seriously likely to miss out.

Added Hirsh, “If large countries such as Egypt and Morocco grow rapidly in the next ten years as we expect, then there is likely to be a marked acceleration in demand for financial products, both in wholesale and retail markets.”

“Those financial institutions that already have a physical presence and relationships in the region are set to benefit most. Others will lose out if they don’t begin to take the region more seriously, in spite of the current difficulties,” he sated.

Joining Hirsh on the panel discussion at the ACI Financial World Markets Congress was Farah Foustok, CEO ING Investment Management, Middle East and Africa; and Brad Bourland, Chief Economist and Head Prop Investments of Jadwa Investments.

Foustok said that the Arab Spring acted as a catalyst for Arab people to appeal to regional governments for an overhaul of the economy and increased levels of prosperity, but warned significant policy reforms still need to be implemented to attract foreign capital.

“As the eyes of the global investors focus on the region, an improvement in the framework supporting governance, compliance, and risk is needed,” Foustok said. “Improved transparency, communication and increased local participation in the work force will also be essential to attract foreign investment.”

Under the patronage of H.H. Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, the ACI Financial World Congress is hosted by the UAE Financial Markets Association, which was established in December 2011, and is an affiliation of the Association Cambiste Internationale (ACI), the global umbrella body of the national financial markets associations around the world. The two-day congress concludes today (Saturday).
Founded in Paris in 1955, the ACI has more than 20,000 members in 80 countries, making it the largest international association in the wholesale financial markets industry.

“Every year traders and financial markets experts from more than 50 countries gather at the ACI Financial Markets World Congress to discuss and inform about the latest financial market trends and developments,” said Manfred Wiebogen, ACI President. “For the last two days Dubai has been put in the spotlight of the financial treasury industry, but the impression and the contacts made will continue to last, quiet often forever.”

The ACI Financial Markets World Congress is supported by the UAE Central Bank, Official Banking Partner EmiratesNBD, Gold Sponsor UBS, Silver Sponsor National Bank of Fujairah, Strategic Partner Dubai International Financial Centre (DIFC) and Official Media Partner, Bloomberg.

Other sponsors include 360t, 4CAST, ACI Indonesia, ADS Securities, BNP Paribas, Citi, Commerz Bank, Copp Clarke, DDCAP Ltd, Deal Hub, Deutsche Bank, DJ FX Trader, Gain GTX, ICA, ICAP, INTL FCStone, J.P. Morgan, Master Capital Group, MICEX-RTS Group, Saxo Bank, SEB, Standard Bank, Thomson Reuters and Wall Street.

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