I messaged you both the details. I'm hoping an established London prop house will open an arm out there this year so trying to rally interest.
Otherwise to set up out there as a direct member the requirements are here...
http://www.eurexchange.com/trading/exchange_membership/non_clearing_en.html
Otherwise to set up out there as a direct member the requirements are here...
http://www.eurexchange.com/trading/exchange_membership/non_clearing_en.html
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Actually decided to go out and meet them in Dubai at the last minute a few days ago, everything seems on track, they are aiming for end of April for the hub completion.
You need to buy a seat on one of the local exchanges out there to come under their regulation even if you're only trading eurex. The gold and commodities one seems best and costs $20k but payable at a $2k yearly rate and you only need one for the whole company. You need E50K on you company books for eurex to give you membership but minimum transaction fees are waived in the first year. The eurex guys told me they had been in several meetings with the government and regulators and that the UAE government are all for it, in no way see it as gambling and on the condition you don't trade any local's money they are keen for traders to set up and it's all tax free.
To set up a company there in the DMC zone costs about $10k but trying to get office space in this zone is a bit of a nightmare. I met one trader who gets the keys to an office there this week but said it's tiny and was the only one available as the place is so popular. The eurex and deutsche bourse group I met are planning on touring the London arcades to get them to open arms out there. I know Schneiders and Saxons are seriously considering it at the moment so fingers crossed.
I couldn't believe how liberal the place has become, there are women walking round the malls in mini skirts and thigh high boots with the locals not batting a eye. There's some great bars out there too, met up with some residents who took me around, I could definitely do a few years there. The traffic was a bit of a downside but they are building a metro so hopefully it will release the pressure a little.
You need to buy a seat on one of the local exchanges out there to come under their regulation even if you're only trading eurex. The gold and commodities one seems best and costs $20k but payable at a $2k yearly rate and you only need one for the whole company. You need E50K on you company books for eurex to give you membership but minimum transaction fees are waived in the first year. The eurex guys told me they had been in several meetings with the government and regulators and that the UAE government are all for it, in no way see it as gambling and on the condition you don't trade any local's money they are keen for traders to set up and it's all tax free.
To set up a company there in the DMC zone costs about $10k but trying to get office space in this zone is a bit of a nightmare. I met one trader who gets the keys to an office there this week but said it's tiny and was the only one available as the place is so popular. The eurex and deutsche bourse group I met are planning on touring the London arcades to get them to open arms out there. I know Schneiders and Saxons are seriously considering it at the moment so fingers crossed.
I couldn't believe how liberal the place has become, there are women walking round the malls in mini skirts and thigh high boots with the locals not batting a eye. There's some great bars out there too, met up with some residents who took me around, I could definitely do a few years there. The traffic was a bit of a downside but they are building a metro so hopefully it will release the pressure a little.
Directional
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sweet! thanks for the update!
Market41010atmarket
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Did you guys know there's a new Energy exchange opening in dubai Q2 this yr?
Hi Bundrider /alokp1, I've read this thread with much interest, especially as I've been considering moving out to Dubai on a permanent basis and continuing trading.
I've been trading now for 13 years, a combo of Spot Fx, Eurex, CBOT, CME and like many interested traders am waiting the open of faster connectios via a local hub and the opening of trading houses in Dubai.
As mentioned, i believe both saxon and schneiders are consodering dubai, and having worked for both, i can say both are excellent operations.
I would appreciate if you kept me informed of any further developments and kept in mind my interest for any furture plans.
I've been trading now for 13 years, a combo of Spot Fx, Eurex, CBOT, CME and like many interested traders am waiting the open of faster connectios via a local hub and the opening of trading houses in Dubai.
As mentioned, i believe both saxon and schneiders are consodering dubai, and having worked for both, i can say both are excellent operations.
I would appreciate if you kept me informed of any further developments and kept in mind my interest for any furture plans.
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Market41010atmarket
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Theres plenty going on over there, The DME Oman crude contract is going to be big in a few years.
I also have an interest in moving to dubai. So all this is useful. Thanks to all concerned.
Bundrider:
"women walking round the malls in mini skirts and thigh high boots."
One of them was probably my daughter.She has been out a couple of times in the last few months and (sigh), has a shopping addiction.
Great place though.
Bundrider:
"women walking round the malls in mini skirts and thigh high boots."
One of them was probably my daughter.She has been out a couple of times in the last few months and (sigh), has a shopping addiction.
Great place though.
options said:
The same sort of thread is ongoing over at elitetrader (dogfish=bundrider), latest news is that the eurex license has been confirmed
http://www.elitetrader.com/vb/showthread.php?s=&threadid=45287
As for your daughter at least with no tax bill there you might be able to fund that addiction!
intakada said:
I think people should take care if they are considering buying a property in Dubai as they have still not confirmed the ownership rights for expats. Here in Bahrain, where expats have full ownership rights, we have heard of some horror stories about the build quality of the appartments and villas in Dubai - a case of building too many too quickly without any real quality control.
Mark
Hi Mark
Born in Bahrain and know the structure well as it's always been better than Dubai but having spent most of my younger and early adult life in Dubai I would only look to return for a short period as I have a 2 years.
Property in Dubai is a mess at the moment but the Tax Free incentives are a plus that is attracting ppl from all over and making the place interesting.
Thanks for the advise.
Born in Bahrain and know the structure well as it's always been better than Dubai but having spent most of my younger and early adult life in Dubai I would only look to return for a short period as I have a 2 years.
Property in Dubai is a mess at the moment but the Tax Free incentives are a plus that is attracting ppl from all over and making the place interesting.
Thanks for the advise.
Captain Haddock
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From what I gather ADSL is restricted behind a proxy that blocks various sites. This must slow down the connection surely? Certainly the connection was poor in the hotel.
However I did see an "Online Trading Academy" office as I was driving round. Unfortunately I didn't get the opportunity to drop in and have a chat with someone there. It would be interesting to know the in's and outs of connectivity from someone on the ground.
However I did see an "Online Trading Academy" office as I was driving round. Unfortunately I didn't get the opportunity to drop in and have a chat with someone there. It would be interesting to know the in's and outs of connectivity from someone on the ground.
The lay of the land for the London arcades opening in dubai is basically they are looking for about 30 pro futures prop traders to commit to the initial office set up costs, somewhere in the region of £450k total in return for equal equity stakes in the new company with the view that as the business expands so would your share value. Running costs, backing etc would then be handled as normal. Although only eurex have a hub out there currently a pipe to cbot/liffe/cme would be placed out there intially at about £130k/year until the other exchanges open hubs as happened in Singapore. If any current arcade traders are genuinely interested in this PM.
charliechan
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i heard something the other day about dubai opening their own exchanges recently for oil, gold and other commodities. i would imagine there could be some good arb opportunities between dubai and us markets if this is true.
The Schneider Trading effort fizzled out but have had a meeting with these guys (see link) who are setting up a 35 trader floor roughly opposite the first "palm island" on the mainland. It is geared for futures prop in the same way as the London arcades work (TT etc) but will initially be looking only for self backed traders. They can help sort out residency and so on. They claim it's the only prop license issued by the government so far.
It will clear through Fimat with direct lines back to London and looks to be live next month.
Be interesting to find out how the speed is affected, I'm surprised they're bypassing the eurex hub out there but apparently the network consultants say their own lines would be equally fast
http://www.dubaiptg.com/
It will clear through Fimat with direct lines back to London and looks to be live next month.
Be interesting to find out how the speed is affected, I'm surprised they're bypassing the eurex hub out there but apparently the network consultants say their own lines would be equally fast
http://www.dubaiptg.com/
Captain Haddock
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Sounds good bundrider, keep us posted.
rockseller
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To those those who live in Dubai how is the speed of internet do they have fast broadband. How about the Dubai laws? Are residents of Dubai allowed to bet on site like betfair, Igindex?
Thanks.
Thanks.
