Source: Abu Dhabi Securities Market
Abu Dhabi Securities Market (ADSM) and Singapore Exchange (SGX) today announced that they have signed a Memorandum of Understanding (MOU) to collaborate for the benefit of the financial markets in Singapore and the United Arab Emirates (UAE).
The objective of the MOU is to foster closer dialogue between the two exchanges and to facilitate mutual co-operation in a number of areas. A key initiative is to explore the facilitation of cross-border trading and clearing between both securities markets. Under this MOU, both exchanges will share information on the operational framework of their respective securities markets. Other areas of co-operation include investor education and a staff exchange programme.
Mr Rashed Al Baloushi, Acting Director General of ADSM said, "The Abu Dhabi market represents a unique investment opportunity for international investors. We expect this collaboration to encourage increased trading activity from international investors, with greater interest from institutional investors and more foreign companies looking to list. All of this will give investors more opportunity to diversify their risks. Strengthening the ties between ADSM and SGX also opens a new gateway for ADSM to the Far East and cements our position as the market of choice in the GCC¹ region."
Mr Hsieh Fu Hua, CEO of SGX, said, "This MOU signals our efforts to extend our reach to the Middle East, an exciting new market. This is also in line with the intent of the Singapore and the UAE governments to explore tie-ups in key industries including our capital markets."