Nasdaq Dubai expands equity futures market by adding two more leading companies

DUBAI, 19th October, 2016 (WAM) -- Nasdaq Dubai, the international financial exchange, is to add Abu Dhabi Commercial Bank, ADCB, and Union Properties, UP, to its equity futures market, raising the number of leading UAE companies on which futures can be traded, to nine. The two will join the exchange on 23rd October along with other seven companies: Aldar Properties, Arabtec Holding, DP World, Dubai Islamic Bank, DXB Entertainments, Emaar Properties and Etisalat. Market-making services on all the futures are provided by SHUAA Capital. Hamed Ali, Chief Executive of Nasdaq Dubai, said, "The addition of ADCB as a prominent bank, and UP as a leading property company provides attractive new opportunities for investors wishing to take a range of positions in the UAE capital markets. The benefits of leverage, and the ability to make gains when underlying shares are falling as well as rising, are among the innovative features that the market offers." A total of 43,219 single stock futures contracts have been traded since the market opened on 1st September. One contract represents 100 shares. Abdul Rahman Al Hareb, Chairman of SHUAA Capital, said, "The addition of ADCB and UP to the equity futures market highlights the progress undertaken since its inception in September. The ongoing development of the UAE financial markets is a source of great pride for all involved. In addition, their listing will also contribute positively to market liquidity. We are pleased to be the lead market marker for the nine listed companies." Nasdaq Dubai plans a phased expansion of its futures market in the coming months, including futures and options on shares of other companies listed on MENA exchanges, as well as futures on equity indices. Brokerage services are provided to the market by Al Ramz Capital, Arqaam Capital, EFG Hermes, Integrated Securities, Menacorp and Mubasher Financial Services Dubai. Nasdaq Dubai is in discussion with other regional and international financial institutions that are also interested in providing services to the market. . - (Emirates News Agency, WAM) - http://www.wam.ae/en/news/economics/1395301405095.html