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Dubai Bourse Begins Derivatives Trading

by Lorys Charalambous, Tax-News.com, Cyprus

20 November 2008


Nasdaq Dubai, the re-branded Dubai International Financial Exchange, opened its new derivatives index for trading on Wednesday.

Nasdaq Dubai hopes that the move will increase the number of listings on the exchange, and increase its liquidity. It follows the exchange's announcement that it would trade on Sundays and allow listings in UAE dirhams.

The first derivatives product is a futures contract based on the FTSE/DIFX UAE 20 and will include stocks from the Nasdaq Dubai, Abu Dhabi Exchange and Dubai Financial Market.

Jeff Singer, Chief Executive of Nasdaq Dubai, said:

“Equity derivatives play a beneficial role in international markets around the world and we are delighted to bring them to the UAE. They enable investors to hedge risk, and can increase trading volumes in the underlying stock as well as reduce volatility in its price.”

"Derivatives trading can provide investors with price insurance and create liquidity and stability in the underlying shares," adding, “they enable investors to hedge risk, and can increase trading volumes in the underlying stock as well as reduce volatility in its price.”

Bob Greifeld, Chief Executive of NASDAQ OMX Group and Vice Chairman of NASDAQ Dubai, said:

"NASDAQ Dubai provides a first-class venue through which NASDAQ OMX listed companies can reach new investors in the Gulf and the Middle East. We've attracted 29 companies to our first Middle East investor conference here in Dubai and there is clear and tangible interest in this market. At the same time, we can provide local investors with opportunities to invest in innovative, growth-oriented companies."

"To facilitate dual listings on NASDAQ Dubai, we have created a streamlined listing process for companies looking to have a secondary listing here."

NASDAQ OMX Group, the world's largest exchange company, which bought one-third of the exchange, listed its shares on NASDAQ Dubai on Wednesday.


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