WIFCO Financial Brokerage, A Bank of Sharjah Group Company, has announced the launch of their online US equity trading platform.
WIFCO clears its trading business by outsourcing solutions from US-based Pershing. Securities and cash awaiting investment held in custody by Pershing customer accounts are insured up to the total amount held in the accounts. Of this total, the Securities investor Protection Corporation (SIPC) provides $500,000 of coverage, including $100,000 for claims for cash awaiting investment.
The remaining coverage on both cash and securities is provided by Pershing through a commercial insurer. The account protection applies when a SIPC member firm fails financially and is unable to meet obligations to client’s securities, but it does not provide against losses from the rise and fall in market value of the investments. The online trading accounts will be included under this coverage.
The online trading platform called NetExchange Client has been implemented with a 128-bit encryption to provide the highest level of security for our accounts. Account information and transactions are secured (encrypted) with the Netscape Enterprise Server technology.
The Bank of Sharjah has recently announced that its capital will be raised to 750 million dirhams ($204 million) from its current Dh 260 million. WIFCO was founded by the Bank of Sharjah in November 1993. The Bank of Sharjah, the first bank to be incorporated in the Emirate of Sharjah in 1973, is a commercial bank operating in the United Arab Emirates (UAE) through its three branches in Abu Dhabi, Dubai and Sharjah. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
