NBAD to Expand Global Markets E-Commerce Services
E- Trading dominates 60% of the $5.3 trillion foreign exchange spot market
Abu Dhabi (June 3rd, 2014) – The National Bank of Abu Dhabi (NBAD) has partnered with Celer Technologies to develop Global Markets E-Commerce applications to offer its global clients a range of electronic trading capabilities for foreign exchange (FX) and other global markets products.
NBAD’s E-Commerce services will strengthen the Bank’s position as the premier distributor of GCC and MENA markets products by expanding into new venues across different platforms and meets the increasing demands for electronic trading capabilities from NBAD Global Markets’ clients.
Electronic trading dominates nearly 60% of the $5.3 trillion per day foreign exchange spot market. In Emerging Markets, the figure is also growing and represents an opportunity for NBAD to be a market leader in electronic distribution in the MENA region.
The product range, which is being developed by the London-based Celer in partnership with NBAD’s E-commerce and Technology teams, will enhance the Bank’s existing electronic platform NBADiTrade and allow international clients greater access to regional products, including FX, money market deposits, fixed income and NBAD research capabilities.
“This is a vital step in the evolution of NBAD’s Global Markets E-commerce business as it will lead to a state-of-the-art platform that will enable our customers to access GCC and MENA products through multiple channels, including our own platform NBAD iTrade,” says Andrew Baxter, the Managing Director of Global Markets E-Commerce at NBAD. “NBAD is committed to building the best in class E-commerce products and to upgrade our Electronic delivery channels as the market trend towards electronic execution strengthens.”
Developing enhanced electronic platforms is in line with NBAD’s approach to offer high quality of services to clients across the West-East Corridor, a span that stretches from West Africa to East Asia, and is a focus of NBAD’s growth strategy.
Ben Cuthbert, Chief Executive Officer, of Celer says: “We are extremely excited to be working with such a dynamic and knowledgeable partner as National Bank of Abu Dhabi to assist in creating a portfolio of game changing E-commerce solutions for their growing Global Markets business. The Celer platform is built on a Big Data foundation and provides a solid technology platform that delivers extremely flexible front to back architecture.”