(MENAFN- Khaleej Times) Forty-one brokers and financial services industry workers have passed the professional qualification exams.
The professional qualification programme was organised by the Securities and Commodities Authority Training Centre, or SCA TC, in collaboration with the Chartered Institute for Securities and Investments, or Cisi, to work in the UAE securities markets.
At the ceremony, Abdulla Al Turifi, chief executive officer of the SCA, handed over certificates of those who passed the exam. Present at the ceremony were members of the board of trustees of the SCA TC; Kevin Moore, Cisi director of global business development; and a number of experts and specialists in financial markets at home and abroad. Al Turifi stressed that in its six years, the SCA TC succeeded in establishing its status as an important actor in providing specialised professional development in the securities industry not only at the UAE level, but across the whole region.
It is hardly surprising that the SCA TC has become a think-tank, offering its expertise to counterparts in the region, and that its experiment is widely discussed in meetings of heads of the GCC market regulators, which emphasises the success of the experiment.
In fact, the professional qualification programme designed to qualify those working in the brokerage and financial analysis business has received strong support from the SCA board of directors chaired by Sultan bin Saeed Al Mansouri, UAE Minister of Economy.
With the new batch who completed the programme, the number of the total qualified workers across the UAE markets is now around 350.
The new regulations allow trading members to enter into contract with general clearing members to carry out clearing and settlement processes, giving companies a competitive edge and increase the volume of trades on the long run, reduce the risk associated with buy-and-sell transactions.
Moore expected that this would be an incentive to colleagues and others in the financial services industry. He said that the exams taken are a similar level as qualifications taken by fellow professionals around the world and that they achieved the same level of knowledge as those operating in markets such as New York and London.
Completing the brokerage professional qualification programme has become a mandatory requirement for accrediting brokerage company employees since receiving such certificate is a must.
Furthermore, as per the SCA's decision in this regard, new brokerage company employees need to complete the programme before obtaining a licence to work in UAE financial markets.
On May 2014, the SCA TC celebrated 107 graduates in the UAE shares and securities business.
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