Nasdaq Dubai expands equity futures market with three more companies

Dubai:

Nasdaq Dubai said it has added National Bank of Abu Dhabi (NBAD), Dubai Financial Market (DFM) and Dubai Investments (DIC) to its equity futures market, raising the number of leading UAE companies on which futures can be traded to 12.

NBAD, DFM and DIC were added to the market on April 2. NBAD is the largest banking entity in the UAE following its merger with First Gulf Bank. The merged entity will be known as First Abu Dhabi Bank, the bourse said in an emailed statement.

“The addition of three more prominent UAE companies, whose equities are widely traded, adds further depth and breadth to our futures market as a growing range of investors make use of the opportunities it provides for hedging and investment,” Hamed Ali, Chief Executive of Nasdaq Dubai, said in a statement.

More than 1,140,000 contracts have traded on the market since inception, with one contract representing 100 shares. Trading rose to 184,000 contracts in March, 14 per cent higher than 162,000 contracts in February.