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Japan’s Nomura sets up Middle East FX team

Japan’s Nomura sets up Middle East FX team

Japanese investment bank Nomura is setting up a foreign exchange trading team in Dubai to meet growing demand among its institutional clients to trade Middle East and North African currencies, the bank said on Monday.

March 5, 2012 1:28 by

Nomura said it had hired three specialists in its Dubai International Financial Centre branch, including team leader Hyeonmuk Mun, who had 15 years of experience in trading in the Middle East and Africa with RBS Global Markets, Calyon CIB and Citibank.

The Japanese bank said last week that it had obtained Saudi Arabian regulatory approval to offer foreign investors indirect access to the Saudi stock market through swap products, joining a growing list of banks beefing up their presence ahead of anticipated market liberalisation there. (Reporting by Mirna Sleiman; Editing by Andrew Torchia)

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