TFS to broker oil in Dubai

Tradition Financial Services (TFS) has become the first interdealer broker to open a desk in Dubai, where it will initially cover precious metals, but also plans to broker oil, freight and financial instruments.

Trevor Conway heads the office as senior executive officer, with 12 years of global broking experience at TFS, in Hong Kong, London and Sydney. Julian Hofer and Arron Wright - both senior brokers - and Jono Bull also join the desk there.

Conway cited several reasons for the move, including the opening of the Dubai Gold Exchange in late 2005, the imminent launch of the Dubai Mercantile Exchange - and its new sour crude oil contract - and the fact that Dubai is the largest physical buyer of gold on the subcontinent (India, Pakistan and the Middle East).

"Dubai has positioned itself as a financial service centre for the region and has a very pro-business environment," said Conway. "Since we broker both over-the-counter physical and derivative products, Dubai was an obvious choice for our first TFS office in the Middle East."

TFS is located in the Dubai International Finance Centre, which houses the Dubai International Finance Exchange and is regulated to international standards by the Dubai Financial Services Authority.

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