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Nasdaq Dubai Reports Marked Increases In Trade Volumes,
by Lorys Charalambous, Tax-News.com, Cyprus
Monday, January 18, 2010
Equities trading volumes on the Nasdaq Dubai exchange, which is soon to be taken over by the Dubai Financial Market (DFM), rose by 30% in 2009 to 3.10
billion shares, up from 2.39 billion in 2008, the bourse has announced.
Volumes for the month of December 2009 reached 410 million shares, the second
highest monthly total of the year. This was a 170% increase over the November
2009 figure of 152 million; it was also 170% higher than the December 2008 figure,
which also reached 152 million.
The exchange introduced mandatory reporting of all over-the-counter equities
trades in September 2008.
Equity derivatives volumes totaled 125,000 in 2009, with 73% of the volume
taking place in the second half of the year as the market expanded. A total
of 14,100 derivatives traded in December 2009, down 31% from the November 2009
figure of 20,490.
Nasdaq Dubai launched its equity derivatives market in November 2008. Equity
futures are listed on 21 individual UAE companies and on the FTSE Nasdaq Dubai
UAE 20 share index, which was designed as a hedging and investment mechanism
for Gulf Cooperation Council and international investors. The index rose by
48% in 2009 to 1,851.
A total of 81,522 Dubai Gold Securities (DGS) traded in 2009 following their
listing in March, with 52% of trades taking place in the last quarter of the
year. In December, 641 DGS traded, down from 40,668 in November.
Each DGS security is valued at approximately 1/10th of the spot price of gold.
DGS are an initiative of the Dubai Multi Commodities Centre and the World Gold
Council and have been declared Shariah-compliant.
Last month, the exchange announced that it had accepted a USD121m takeover
offer from the DFM. Commenting at the time, Essa Kazim, Executive
Chairman of the DFM, said: “With this transaction, DFM will
gain a wider array of product offerings for investors and a clearer path to
integrate certain back office and technology functions with NASDAQ Dubai. Unifying
the ownership structure of the two exchanges will further strengthen Dubai's
leading role as a center of capital markets and innovation that places the interest
of investors, issuers and brokers first."
Jeff Singer, Chief Executive of NASDAQ Dubai, added: "The combined strengths
of the two exchanges will help attract new issuers, from across the region and
internationally, who will be able to choose which of the two exchanges is appropriate
for them according to their commercial and regulatory preferences. Through the
ownership structure and closer operational links between the two exchanges,
Dubai will achieve its goal of creating a powerful capital markets hub for the
GCC and the wider Middle East."
The completion of the transaction was expected to take place six weeks after
the December 22, 2009 announcement.
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