Abu Dhabi Securities Market and FTSE Group sign MoU

Source: Abu Dhabi Securities Market

Abu Dhabi Securities Market (ADSM) has signed a Memorandum of Understanding (MoU) with the FTSE Group to develop a series of indices that will benefit the financial sector in the UAE as well as creating of new Exchange Traded Funds (ETFs).

The FTSE is involved in the creation and management of equity bond and hedge fund indices. Rashid Al Baloushi, Acting Director-General ADSM, was speaking to reporters at a Press conference after coming back from a week-long tour of London and Newyork, where he along with a delegation of 15 ADSM listed companies highlighted the exciting opportuntites arising in the emirate.

Al Baloushi said he was planning to tour Japan or Hong Kong markets in next phase, to market the potentials of ADSM. About his meetings and presentations, Al Baloushi said that highly successful meetings with Asset Managers and officials of stock exchanges in London and New York would help in broadening the base of cooperation and to provide the necessary support in order to raise and maintain the level of collaboration also to allow the listed companies in ADSM.

In the light of problems and obstacles being faced by the portfolio investors, the Acting Director-General said that recommendations were being made for their redressal. He said: "The delegation held several meetings to identify and highlight the opportunities and benefits offered by ADSM to investors who are willing to access the activities of trading in securities." For this purpose, a series of discussions and several meetings, could motivate and strengthen the partnership with representatives of major British companies, experts and financial analysts, investment funds, Portfolio Managers of major companies in New York, where these meetings highlighted ADSM to be well-known by global institutions whom are planning to monitor part of their assets for investment in the region.

He said a meeting was held with some experts to share experiences and recommendations on the Short Selling, Borrowing and Lending. "As for the repetition of such road shows, we recommend this mission to be done once a year, where we are currently drafting a proposal for a similar trip to Japan or Hong Kong," said Al Baloushi.

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