HSBC is planning to open a brokerage company that will trade on the Abu Dhabi Securities Market and the Dubai Financial Market. The company, to be called HSBC Middle East Securities, will offer UAE domestic market brokerage services to both institutional and retail investors and is expected to begin trading for institutions by the end of 2007. It will offer retail brokerage services in 2008. Emirates Securities and Commodities Authority, the regulator for the UAE's securities markets, has granted HSBC authorisation to establish the venture. HSBC already buys and sells UAE shares on behalf of western institutions through third party brokers. It is also a sub-custodian on both ADSM and DFM, and this service will continue to be provided by the bank's specialist sub-custody operation. “This development is hugely significant, since it gives our institutional clients direct access via HSBC to the very positive investment story of the region, as well as giving investors in the UAE and the region a significant new channel to invest in these markets,” said Neil Foster, head of HSBC global markets for the Middle East. Irfan Muzzammil, director of investment services, Middle East at HSBC, will be the chief executive and Mr Foster will be chairman.