STP awarded brokerage licence in Dubai

Prime broker STP has been licensed by the Dubai Financial Service Authority (DFSA) to offer a full range of prime brokerage services.

The firm, which is based in the Dubai International Financial Centre (DIFC), has launched its prime brokerage service to capitalise on the growth of the financial markets in the UAE.

According to DIFC figures, assets under management in the centre grew by 20% in 2022.

STP will focus on family offices, high-net-worth individuals and institutional investors and will offer execution, custody and settlement services.

“The industry is facing a number of challenges, including the need for digital transformation and integration, escalating operating costs, security risks from cyber-attacks, and evolving market trends,” said STP chief executive Anthony Hallside.

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