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17 April 2024

ADX ETF in April, derivatives by year-end

By Nadim Kawach

Abu Dhabi Securities Exchange (ADX) said yesterday it would list its first exchange-traded fund (ETF) in April.

Speaking to Emirates Business at the Abu Dhabi economic forum, ADX Chief Executive Tom Healy also said he expected the bourse to begin trading in derivatives before the end of this year.

"The first exchange-traded fund will be listed in April. We will start with one exchange-traded fund, which belongs to a local bank. I don't have many details about this fund because it belongs to that bank, which I don't want to identify now," he added.

Healy was, however, not so bullish about the overall performance of the UAE bourses this year, saying he believed they would not recover from one of their worst periods unless international markets begin to improve and banking liquidity returned to the levels before the crisis.

Speaking about transparency on the ADX, Healy said it had greatly improved over the past period.

"Transparency has improved significantly in ADX. The quality of transparency is now quite good and is getting better," he said.