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ADX, Turkish bourse to launch joint indices
ABU DHABI — Abu Dhabi Securities Exchange has signed a Memorandum of Understanding with its Turkish counterpart, Istanbul Stock Exchange, to look into the prospects of launching joint indices, dual listings and creation of new instruments.
“The scope of cooperation includes capital markets related information exchange, as well as technical assistance and employees exchange schemes through the secondment of staff to enhance mutual understanding for each party’s activities,” said Rashid Al Baloushi Deputy Chief Executive Officer Abu Dhabi Securities Exchange said.
The MoU will enhance cooperation and expand relations between the two countries,” said Huseyin Erkan Chairman and CEO of Istanbul Stock Exchange, after signing the agreement.
He said that the ISE has signed similar agreement with Muscat Stock Exchange and Egypt’s Cairo Stock Exchange.
Deputy Chief Executive Officer, ADX, Rashid Al Baloushi, signed another MoU with Takasbank.
The agreements pertain to enhancing the scope of cooperation between ADX and ISE through a framework of exchanging information and expertise in areas such as regulations and operations.
The agreement with Turkish bourse, Al Baloushi said sets a well-defined cooperation framework for the two parties aiming at facilitating the development of channels of communication and to foster the continuous relationship for the respective benefit of the securities markets in both countries.
The memorandums also stipulate mutual assistance with each party pledging best of efforts to fulfill this cooperation framework.
“Turkey is among the leading emerging markets, while the UAE has been recently admitted to the club by FTSE, and accordingly it is only natural that we seek enhancing our cooperation,” Al Baloushi said.
He said that being both Islamic countries, one can only expect that such cooperation can yield a very fruitful outcome in relation to this promising field of finance.
The Third Working Committee Meeting for the Organisation of Islamic Conference’s (OIC) Member States’ Stock Exchanges Forum taking place in the capital Abu Dhabi.
The annual event is discussing the Islamic financial instruments tradable on exchanges and other liquidity management financial instruments as well as the Islamic Repo and the collateralization possibilities, the creation of an OIC index and awareness and investor education about Islamic financial markets.
The meeting includes presentations, speeches and workshops by a number prominent figures including Huseyin Erkan, Istanbul Stock Exchange’s (ISE) Chairman and Chief Executive Officer and chairman of the Working Committee, Jonathan Cooper, Managing Director for FTSE Middle East and Africa, Rodney Fernandes, Standard and Poors’ Vice President for EMEA region, Jim Leggate and Richard Souri from MSCI.
Rashed Al Baloushi, ADX’s Deputy Chief Executive said that some of the issues being discussed in this year’s meeting are of paramount importance, especially the establishment of an OIC index as well as the methods for enhancing investor awareness and knowledge about the Islamic financial world. — haseeb@khaleejtimes.com
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