LeapRate's Daily Forex Industry Newsletter
Join now to receive first access to our EXCLUSIVE reports and updates.
Screenshot of a breaking news alert e-mail from Q2 2017
Abu Dhabi Securities Exchange (ADX) announced that has granted SHUAA Capital International Ltd. (a subsidiary of SHUAA Capital) a license to serve as Market Maker on the Exchange.
The number of registered Market Makers on ADX has now reached three, including National Bank of Abu Dhabi and Al-Ramz Capital.
The announcement came during an event in ADX organized by the Exchange and attended by senior management from both ADX and SHUAA Capital, as well as members of the UAE investor community.
On this occasion, ADX Chief Executive, Rashed Al Blooshi, stated:
This new Market Maker license builds on our recent achievements, and is aimed at diversifying the services provided to both companies and investors. It is also in line with our strategy of attracting and activating a wider range of investors which comes as part of ADX commitment to Abu Dhabi plan through improving the investment climate in the Emirate and creating a business environment that is both competitive and flexible.
With SHUAA enjoying a depth of experience in Market Making and liquidity facilitation, its commencement of providing this service will add further liquidity and value for trades on the Exchange.
Meanwhile, Jassim Alseddiqi, Chairman of SHUAA Capital, commented:
This announcement is another significant step towards SHUAA Capital’s aim of becoming the largest market maker in the region. By providing listed companies with competitive price spreads and deeper liquidity pools, we look forward to helping them attract fresh capital whilst building on our long-standing reputation and track-record.
SHUAA Capital is delighted to be given the opportunity to be part of the ongoing development of ADX, and help further position the UAE as a centre of excellence in financial services.” Alseddiqi added.