The Dubai International Financial Exchange (DIFX) and the Bahrain Stock Exchange (BSE) have built a unique link to facilitate trading in the shares of Albaraka Banking Group (ABG) on each other’s markets.
Shares in AGB, the first Gulf region Islamic banking firm to list on the DIFX, are due to dual list on both exchanges today.
Nasser Alshaali, Chief Operating Officer of the DIFX, said that the link will enable investors who hold ABG shares on one market to easily trade them on the other.
"This benefits investors and will encourage liquidity on both the BSE and on the DIFX, the region’s international exchange," he observed.
The link involves a technical connection between the central securities depositaries of both exchanges. It is the first such connection to be created between any Gulf Cooperation Council (GCC) stock exchange and an international exchange.
According to Fouad Rashid, BSE's Director, the link demonstrates the complementary nature of dual listings on the two exchanges.
"It offers choice and flexibility to meet the needs of regional and international investors in ABG and facilitates trading six days a week," he stated.
The trading hours of the exchanges differ from each other. The DIFX is open Monday through Friday from 11.45am to 5pm local time (7.45am to 1pm GMT) and the BSE is open Sunday through Thursday from 10am to 12pm local time (7am to 9am GMT).
From the first day of trading there will be a market-making arrangement in place on the DIFX, whereby prices will be offered to both buy and sell. This is designed to promote liquidity in the shares.
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