Former OMX Chief Appointed To Lead DIFX's Next Phase Of Growth

by Lorys Charalambous, Tax-News.com, Cyprus

31 March 2006

The Dubai International Financial Exchange (DIFX) has announced that Per E. Larsson, the former head of the Sweden-based OM Group will lead the fledgling exchange into its new phase of growth as its next Chief Executive.

Mr Larsson will succeed Steffen Schubert, who will step down in June 2006 as scheduled at the end of his contract after becoming the DIFX's first Chief Executive in February 2004. Mr Larsson will then take up his post in early July 2006.

As President and Chief Executive of the OM Group from 1996 to 2003, Mr Larsson led the company through a period of rapid expansion and technological development which culminated in a highly audacious bid for the London Stock Exchange in 2000.

He also built strong links with other European exchanges and presided over the supply of OM exchange technology to 20 other exchanges worldwide.

The appointment was greeted enthusiastically by Dr Omar Bin Sulaiman, Director General of the Dubai International Financial Centre Authority, which is the DIFX's sole shareholder.

"I am delighted that Per will be joining the exchange. The DIFX has taken great strides since it opened in September last year, bringing on 10 Member banks and many equity and bond issues," he observed.

"In the coming months and beyond, the DIFX will build on this excellent beginning with the ultimate aim of establishing itself as the leading financial exchange between Western Europe and East Asia, with similar stature to the great international exchanges in New York, London and Hong Kong," he added.

Henry Azzam, Chairman of the DIFX, noted that Larrson's experience as head of OM Group will be "invaluable" to the DIFX as it moves into its next highly active phase of growth.

"His experience of cross-border financial activities will also be a huge asset," Azzam commented.

Since stepping down from OM in 2003, Mr Larsson has been active on the Boards of a number of companies. He is Chairman of Outsourced Supply Management AB, Chairman of the label specialist Nilorn AB, a Director of ORC Software AB and a Director of the biotechnology company Appeartex AB. He is also the Acting Regional Director, Northern Europe, of the communications management group Observer AB.

Larsson commented: “I am delighted to accept this extraordinary opportunity and exciting challenge. The DIFX is a unique venture with unlimited potential, serving the region between Western Europe and East Asia. The DIFX has in a very short time frame established a strong base for growth."

Larsson explained that his initial focus will be to encourage significant equity listings from companies based across its region, including substantial initial public offerings and Islamic products.

"I also expect it to attract more bond listings and move into other product areas such as exchange-traded funds, real estate investment trusts and derivatives. Some of these product types will be new to the Middle East, underlining the DIFX's innovative and dynamic character," he added.

The DIFX also expects to welcome many more international and regional banks as Members, stimulating liquidity, Larrson stated.

Recommended