- City Fajr Shuruq Duhr Asr Magrib Isha
- Dubai 04:01 05:26 12:19 15:41 19:07 20:32
Abu Dhabi Securities Market has signed an agreement with NYSE Euronext that could lead to the creation of the Gulf’s first derivatives exchange.
The deal is the latest step in the ADSM’s ambition to become the leading global market based in the Middle East and is likely to pit it against the Dubai International Financial Exchange, which has long stated similar aims.
Director General Tom Healy, however, said he would be looking to co-operate as well as compete with other regional markets. “We don’t see our neighbours as our only competitors – people seem to confuse geography with market reach – and with electronic exchanges our competitors could be from any region,” said Healy.
“This strategic partnership will provide us with NYSE Euronext’s technology and expertise to develop our business and our strategic goal of internationalising the ADSM.
Healy said consultation work on creating an ADSM derivatives market would now begin.
The ADSM will pursue cross listings from the Gulf and Asia, Healy said.
Follow Emirates 24|7 on Google News.