Qatar Exchange today expressed its satisfaction to see Qatari banks enter the exchange as members and start providing financial services activities, including brokerage, with QNB being the first bank to offer brokerage services at Qatar Exchange on Monday May 16th, 2011.
Mr. Andre Went, Chief Executive Officer of Qatar Exchange welcomed this step stating that “other banks will start brokerage activities in the next weeks or months in accordance with the licenses given to them by Qatar Financial Markets Authority (QFMA). These banks are Commercial Bank represented by Commercialbank Investment Services and Ahli Bank represented by Ahli Brokerage. Additional applications by some other banks are currently being reviewed by the Regulator”
Mr. Went stressed that “allowing banks to perform brokerage activities has many advantages and benefits for the exchange and the investors as well in respect of attracting foreign investment portfolios and enhancing confidence of international investors in the Qatari Market”. “The step will also contribute in improving the efficiency of the brokerage services provided through fostering competition in terms of providing the best and diversified services to investors”, he said.
“The participation of banks represents a major milestone in the development of the marketplace. It will strengthen the confidence of the international investors that Qatar is an efficient market to invest in ”, Mr. Went added.
Mr. Went expressed confidence that Qatar Exchange will achieve its strategic goal of transforming the exchange into a world-class exchange with strong domestic roots through the implementation of state-of-the-art systems and compliance with the best international practices standards.
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