Abu Dhabi Securities Exchange
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| Abu Dhabi Securities Exchange (ADX) | |
| |
| Founded | 2000 |
|---|---|
| Headquarters | Abu Dhabi, United Arab Emirates (UAE) |
| Key People | Chief Executive, Tom Healy |
| Products | Lists 60 stocks in regional companies |
| Web site | www.adx.ae |
The Abu Dhabi Securities Exchange (ADX) was until recently called the Abu Dhabi Securities Market (ADSM). ADX competes with fellow United Arab Emirates (UAE) exchange Dubai Financial Market (DFM) for Middle-Eastern securities trading volume. It has agreed to cooperate on developments with NYSE Euronext.
ADX is regulated by the Emirates Securities and Commodities Authority (ESCA).[1]
ADX serves the domestic cash equity market and has 65 listed companies with a market capitalization of $136 billion. In 2007, the average daily trading volume increased by more than 400 percent, with a substantial increase in foreign net investments.[2]
Contents |
Brief History
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ADX launched trading in 2000 as the Abu Dhabi Securities Market. It was the same year the DFM launched. ADX, which also competes with the Dubai International Financial Exchange (DIFX), also operates branches in UAE cities Sharjah, Ras al Khaimah, Fujeirah and Zayed City.[3]
ADX currently lists stocks from companies mostly based in the UAE or neighboring Persian Gulf states like Qatar and Oman. Its board is dominated by companies involved in the financial services sector like banks and insurers.[4] In early May 2008, the exchange announced that it had rebranded itself from ADSM to ADX, complete with smoother new logo (see top box), and aimed to add foreign equities and ETFs to its listings.[5]As of July of 2008, only 13 percent of ADX listed shares were owned by foreign investors.[6]
The Way Ahead?
In 2008, ADX gained some ground on its competitors by signing a cooperation agreement with international exchange group NYSE Euronext to share developments in trading systems, investor services and new products.[7] ADX officials said that the agreement would boost the ADX aim of becoming the Gulf region's leading global securities exchange. NYSE Euronext also holds a 25 percent stake in Qatar’s Doha Securities Market (DSM).
At least one press report has said ADX Chief Executive, Tom Healy, feels that raising funds through an initial public offering is an option for ADX.[8]
Key People
- Chief Executive, Tom Healy
- Chairman, H.E. Nasser Ahmed Alsowaidi
References
- ↑ ADX Expects Derivatives Market By Next Year. ZAWYA. Retrieved on August 19, 2008.
- ↑ Press Release. ADX. Retrieved on August 19, 2008.
- ↑ About ADX. ADX. Retrieved on May 15, 2008.
- ↑ Listed Companies. ADX. Retrieved on May 15, 2008.
- ↑ Abu Dhabi Bourse gets new brand. AMEinfo.com. Retrieved on May 15, 2008.
- ↑ ADX Signs Custody Agreement With Standard Chartered. UAE Interact. Retrieved on August 19, 2008.
- ↑ Abu Dhabi Securities Market and NYSE Euronext enter strategic cooperation agreement. AMEinfo.com. Retrieved on May 15, 2008.
- ↑ Abu Dhabi Bourse To Launch Derivatives Trade By End-’09. Gulf Times. Retrieved on August 19, 2008.
