UAE-based Daman Securities and Advanced Markets are stepping up their strategic partnership with plans to spin off Daman Markets as an independent entity.
Riding on the success of Daman Markets, the forex and CFD trading arm of Daman Securities LLC, the partnership plans to blend Daman Securities’ regional influence and SCA oversight with Advanced Markets’ tech and liquidity networks.
Per the official statement, the partnership is set to position Daman Markets as a key player in the financial sector, providing clients with a wide array of financial solutions and services.
Samer Mourched, CEO of Advanced Markets Bermuda, has become the newly appointed CEO of Daman Markets.
FinanceFeeds has learned that industry veteran Chirine Daoud will be stepping in as the Chief marketing officer (CMO) for the new entity. She holds an analogous role at Advanced Markets which is set to be rebranded as Daman Markets in the MENA region.
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Chirine is a seasoned marketing specialist with a career spanning back to 2006, primarily focused on promoting retail FX offerings in the region. Based in Dubai, she has held various marketing roles with companies like CFI Financial, Pepperstone, HYCM, Advanced Currency Markets (ACM), and Alpari UK.
Samer Mourched comments on the new venture: “I am very proud to elevate our current relationship with Daman Securities to the next level and partner with a well-known and respected organization in the MENA region. Our liquidity solutions, expert staff, and diverse products will significantly strengthen this partnership. The success of the Daman Markets brand, launched last October, has demonstrated the potential of our combined efforts, and we are eager to build on this foundation.”
Ahmed Waheed, General Manager of Daman Securities, added, “We firmly believe in this partnership and in the expertise and experience of the Advanced Markets team. With our 25 years of operations in the UAE and the region, along with our strong relationships with stakeholders, this partnership is a logical move. It aligns with our strategy and vision to provide our clients with a comprehensive range of trading products and tools.”
Back in 2022, Daman Securities joined forces with Advanced Markets on a strategic expansion of their respective service portfolio.
By partnering with Advanced Markets, Daman Securities, based in Dubai, gains access to cutting-edge technology and platforms, an extensive product suite, and high-end services.
As part of this collaboration, Daman Securities leverages Advanced Markets’ capabilities to offer over-the-counter margined derivative contracts, including CFDs and spot FX trading, under the brand name Daman Markets.
Having built a reputable presence in the UAE and the broader GCC region over the past 27 years, the alliance with Advanced Markets allows for greater transparency in pricing, improved execution speed and lower transaction costs.
Advanced Markets Group, founded in 2006 and headquartered in Charlotte, North Carolina, USA, operates as a prime-of-prime broker, offering specialized services to traders worldwide.
Advanced Markets’ institutional business operates a 100 percent STP/agency model based on its FCA and AFSL licenses. Its STP platform enables FX market participants to trade on prices streamed by more than ten FX banks in an anonymous market structure.
