Posted by Bob Brunskill
The NASDAQ Dubai international financial exchange has approved Abu Dhabi Financial Services (ADFS) as a new member.
It means that clients of ADFS, the financial brokerage arm of the National Bank of Abu Dhabi (NBAD), will be able to trade securities on the region's international exchange.
The move comes after NASDAQ Dubai outsourced its trading, settlement, clearing and custody functions for equities to the Dubai Financial Market (DFM) in July 2010 as part of a strategy to merge DFM's individual investors into one liquidity pool with NASDAQ Dubai's institutional investors.
"As the financial outlook continues to improve in the UAE and across the region, we aim to work with the exchange in the interests of investors and the expansion of the region's financial sector," commented Aymen Samawi, managing director of ADFS.
Meanwhile, Jeff Singer, chief executive of NASDAQ Dubai, said that the arrival of ADFS would add new investors to the exchange and support its plans for growth in 2011.