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Screenshot of a breaking news alert e-mail from Q2 2017
National Bank Of Abu Dhabi (NBAD) has become a Market Maker for Nasdaq Dubai equity futures market in the latest expansion of the platform since it opened on September 1, 2016.
NBAD is the second financial institution to sign up as a market maker, whose role includes simultaneously offering buy and sell prices in futures contracts. NBAD will begin offering prices before the end of 2016.
Hein van der Wielen, Managing Director and Head of Non-Linear Products at NBAD, commented on the news:
The opening of Nasdaq Dubai’s equity futures market is a landmark for the region’s investors, as it offers completely new opportunities for hedging. We are delighted to be involved at an early stage and are committed to supporting further rapid growth of the platform.
A total of 160,552 contracts have traded since the market opened and activity has increased more than 500%.
Hamed Ali, Chief Executive of Nasdaq Dubai, said:
The participation of NBAD, as one of the UAE’s leading financial institutions, is another important step forward for our market, as we increase the range of investors and prepare to expand the suite of contracts available. We will continue to build the critical mass of the market’s infrastructure to promote trading activity.
The market currently consists of single stock futures on contracts on nine leading UAE-listed companies: Emaar Properties, DXB Entertainments, Abu Dhabi Commercial Bank, Aldar Properties, Arabtec Holding, DP World, Dubai Islamic Bank, Etisalat and Union Properties.