The Abu Dhabi Securities Market (ADSM) and Bahrain Stock Exchange (BSE) last Thursday signed a Memorandum of Understanding (MoU).
The MoU, signed in Manamah, Bahrain by Mr. Rashed Al Baloushi, Acting Director General of ADSM, and Mr. Fouad A.Rahman Rashid, Director of Bahrain Stock Exchange, is designed to enhance and strengthen cooperation between the two markets especially in matters related to depository, clearing & settlement of securities that are allowed to deal in both Bahrain and United Arab Emirates.
Commenting on the agreement, Al Baloushi, said: “This MoU between ADSM & BSE is an exceptionally important step for . . . both parties, and expresses the interest of both markets in developing cooperative relationship to a lasting partnership.”
He added that the cooperation between the markets will facilitate several related matters and will benefit citizens of both Bahrain and the UAE by guaranteeing good investment opportunities for both parties, since BSE and ADSM are the most important financial markets among the GCC countries.
He continued: “This memorandum will enhance and develop the mechanisms of collaborative planning to organize the operations of trading, clearing, settlement and depository that would contribute in activating securities investment in both markets through creating the rules and procedures necessary for the exchange of trading information in both markets and listed companies, as well as encouraging and facilitating the cross-listing and IPO procedures in the two countries, in addition to the support cooperation between the two brokerage firms operating in both markets that contributes to the activation of such listing for achieving the goals of MoU."
Mr. Fouad Rashed, Director of BSE, stated: “We hope this MoU will benefit the establishments of private sector, stockholding companies, the brokerage firms as well as the investors in both markets, and from the mechanisms of cooperative relationship laid by this memorandum, resulting to growth and prosperity to all.”
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