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The Abu Dhabi Securities Exchange (ADX) has partnered with FTSE Russell to co-brand and co-develop indices for the ADX market.
In a statement on Monday, ADX said as of 10 January 2022, the FTSE ADX General Index will replace the ADX General Index, and FTSE ADX sector indices will take the place of the existing sector indices.
“Further new indices will be co-developed under the partnership to support ADX’s vision of introducing new tradable index products on its market,” it said.
One of two bourses in the UAE, ADX has been working on initiatives to expand and deepen the capital market.
In November, it introduced a derivatives market that allow trading in single stock futures, using marketplace technology delivered by Nasdaq.
Under the new association, ADX will work closely with FTSE to co-develop new benchmark indices that will cater to the needs of the global institutional investors and as a means for introduction of exchange traded index products.
Saeed Hamad Al Dhaheri, Chief Executive Officer and Managing Director of ADX said: “The new range of FTSE-ADX indices will provide robust benchmarks and support the listing of index derivatives, ETFs other index-based products on the exchange.”
ADX, which is the second biggest regional exchange, thus becomes 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)
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