Trading in Dubai

"A 32-year-old London businessman in the emirate on a working trip said: “This is the wildest city on Earth – I’ve never seen so many birds and so much booze."

True so true

 

You live there but trade from a American Firm.


Because a building actually there on Dubai is very risky. Would prefer atlanta or seattle.

 

<U>Middle East's first trading arcade - DubaiPTG - reports more than one million contracts traded per month</U>


http://www.ameinfo.com/164393.html

 

Not I, those are two ex London Schneiders guys who moved out in June

 

There's only 10 traders full time at the moment as the report says (http://www.ameinfo.com/164393.html), the volume is distorted by a few. stoxx, bund, bobl, schatz and oil are where the big volumes are being done.

 

The article states there are currently 10 full time traders therefore each trader must be banging out about 5000 r/t a day ( 1 million per trading month), assuming 20 trading days per month.
However, this could be reduced to 2500 average r/t as the article states "contracts traded" not round turns.

1 million contacts traded is 500,000 r/t etc..

 

Judging by the math you do not know the difference between a round trip and a contract traded.

If according to you each trader is "banging out" 5k r/t's a day and there are 10 traders then:

5000 x 2 =10,000(lots per day)

10,000 x 10(traders) = 100,000

100,000 x 20(trading days) = 2,000,000(lots per month)

Then you say that could be reduced to 2500 r/ts - your post does not make any sense.

Basically instead of picking holes (and getting it wrong) in what is an impressive start up volume you should be congratulating them.

Furthermore the likeliness of 10 traders in 1 office all doing the identical volume is absurd,on that I have to question your experience.

 

Hi Dogfish,

Great posts over the years.

Especially interesting to read your journey unfold and make the transition to Dubai.

I use to live in Dubai for several years. I did very well trading in the local (equities) market.

After just under a decade in the region, I returned home (Australia) and have been here 2 years now. I'm a licenced client adviser and equities trader (trade HNWI funds for absolute returns). I also system trade spot FX via ECN.

When you taste the lifestyle in Dubai then return to paying tax, it's hard to digest. Don't get me wrong... Australia is magnificent - a truly magical and stress-free place. However, I feel the need to return to Dubai.

Would like to touch base and compare notes.

Regards
Dean

 

Third time I will ask.

What products do you trade?And at which Institution?

I guess neither, are you a "retail trader or a 2 bob bit prop shop monkey "?

I get the impression you are.

What a waste

 

Seriously, what happened to talking about trading in Dubai? Where did that conversation go?