The Abu Dhabi Securities Exchange (ADX) and FTSE Russell is set to launch the FTSE ADX 15 Index, a benchmark blue chip measure, on March 30.

Known as the FADX 15, the benchmark index will include the largest and most liquid 15 companies on the ADX, selected using a combination of free float adjusted market capitalization and median daily trading value, the bourse said in a statement on Tuesday.  

The launch of the new index will support ADX’s recently launched derivatives market and the creation of ETFs and other index-tracking investment vehicles, it added.

The FADX 15 is the first in a suite of co-branded indices being developed by ADX and FTSE Russell, according to the statement.

ADX, which is the second biggest regional exchange, is the first in the GCC for which FTSE Russell is the benchmark index administrator.

FTSE Russell, a subsidiary of London Stock Exchange Group, produces, maintains, licenses, and markets stock market indices.

(Reporting by Brinda Darasha; editing by Seban Scaria)