Abu Dhabi Securities Exchange

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Abu Dhabi Securities Exchange (ADX)
ADXlogo.jpg
Founded 2000
Headquarters Abu Dhabi, United Arab Emirates (UAE)
Key People Rashed Al Baloushi, Chief Executive
Products Lists 60 stocks in regional companies
Website www.adx.ae

The Abu Dhabi Securities Exchange (ADX) was formerly 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]

ADX is a full member in the World Federation of Exchanges (WFE) and is the youngest stock market to become a full member at that organization.[3]


Brief History

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.[4]

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.[5] 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.[6]As of July of 2008, only 13 percent of ADX listed shares were owned by foreign investors.[7]

Partnerships and Agreements

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.[8] 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).

Technology

In March 2013 the exchange announces it was upgrading to a new trading platform from NASDAQ OMX, called Xstream.

Key People

References

  1. ADX Expects Derivatives Market By Next Year. ZAWYA.
  2. Press Release. ADX.
  3. Abu Dhabi Securities Exchange Outlines Recent Developments and Announces Future Plans. mondovisione.
  4. About ADX. ADX.
  5. Listed Companies. ADX.
  6. Abu Dhabi Bourse gets new brand. AMEinfo.com.
  7. ADX Signs Custody Agreement With Standard Chartered. UAE Interact.
  8. Abu Dhabi Securities Market and NYSE Euronext enter strategic cooperation agreement. AMEinfo.com.