Arqaam Capital: Aim is first Cape-to-Cairo broker

Arqaam Capital planned to trade African bonds and derivatives after opening a brokerage in Johannesburg in January, the Dubai investment bank focusing on emerging markets said yesterday. Arqaam became the first new broker to join Johannesburg’s stock exchange in three years. “We’re under no illusions this is a tough market,” Ross Abbott, the bank’s head in South Africa, said yesterday. “We believe we’ll be the first Cape-to-Cairo broker. We started with cash equities and we’re looking at the bond market, derivatives and maybe asset management with an Africa fund.” Arqaam planned to extend its coverage to the mining industry, before building research on consumer, property, aviation and other sectors, he said. – Bloomberg