DIFX to allow listing of stocks in dirhams

The Dubai International Financial Exchange (DIFX) is acting swiftly to boost liquidity. The exchange plans to allow companies to list their stock in dirhams and increase trading hours, to boost liquidity and have broader appeal to regional investors.

The various moves planned by the exchange will help attract more investors and listings.

At present, the stocks listed on the DIFX are traded in US dollars.

The exchange has sought approval from the regulator – Dubai Financial Services Authority – so that it could allow dirham-denominated stocks to list, extend trading hours and open on Sundays, said DIFX CEO Jeffrey Singer, who was speaking at an investor meeting at the DIFC yesterday.

An agency report said the exchange is planning a host of reforms that could edge it closer to a merger with the Dubai Financial Market (DFM).

"Institutional trading on the DIFX has been successful, but retail is an area we are going to be getting into seriously," Singer said.

"The No1 objective in the next four to six months is to create an environment that fosters local and regional trading.

"The DIFX will gain further momentum through new listings and strengthening links to investors. The growth of DIFX supports Dubai's role as a financial centre of the capital markets across the Middle East," he said.