EFG Hermes Brokerage receives first approval to launch Allocation Account Services in DFM

EFG Hermes Brokerage became the first to receive approval from the Dubai Financial Market (DFM) to provide allocation account services, the DFM said in a statement on Monday. The allocation account service, launched by DFM in January, new mechanism enables brokers to execute transactions through a combined account and allocate the proceedings into clients' accounts within 45 minutes from the end of the trading session.