Brokerage group Exante has opened an office in the Dubai International Financial Centre (DIFC).
The company received approvals last month from the local regulator – the Dubai Financial Services Authority – to open a representative office in the Gulf state’s financial centre.
Having a representative office is akin to having a local appointed representative in the UK or European Union.
A company operating a representative office in the DIFC can market its products and services, but not actually provide them via the local entity. Instead clients are sent to the partner entity, wherever that might be.
Exante has moved away from retail business over the last few years to focus instead on providing services to other brokers and wealth management firms.
The company does not onboard any retail clients via its UK entity, but does appear to still accept retail applications in the European Union.
The focus on B2B is probably why Exante is going to Dubai.
The city has become the major hub for the online trading industry over the last couple of years, with new firms springing up and executives from different firms relocating there.