DIFX appoints new chief executive

Dubai: The Dubai International Financial Exchange (DIFX) yesterday announced the appointment of Per E. Larsson, former head of the Sweden-based OM Group (now OMX and owner of several Nordic Exchanges), as the next chief executive of the exchange.

He will take up his post in early July.

Larsson will succeed Steffen Schubert, who will step down in June 2006 as scheduled at the end of his contract after becoming DIFX's first chief executive in February 2004.

As president and chief executive of The OM Group from 1996 to 2003, Larsson led the OM Group through a period of rapid expansion and technological development which culminated in a highly audacious bid for the London Stock Exchange in 2000.

He also built strong links with other European exchanges and presided over the supply of OM exchange technology to no fewer than 20 other exchanges worldwide.

In his 18-year career at OM, Larsson served earlier as chief operating officer of the OM Group and as president of OM Stockholm, its derivatives arm.

Omar Bin Sulaiman, Director-General of the Dubai International Financial Centre Authority, which is the DIFX's sole shareholder, said, "DIFX has taken great strides since it opened in September last year, bringing on 10 member banks and many equity and bond issues.

Larsson said, "Initially my main focus will be to attract many more significant equity listings from companies based across its region, including substantial initial public offerings and Islamic products.

"I also expect it to attract more bond listings and move into other product areas such as exchange-traded funds, real estate investment trusts and derivatives."