Dubai: National Bank of Abu Dhabi (NBAD) has joined Nasdaq Dubai’s equity futures market as a market maker, in the latest expansion of the fast-growing platform since it opened on September 1.
As the UAE’s second largest bank by assets, NBAD brings substantial financial expertise and capacity to support trading activity by investors. It is the second financial institution to sign up as a market maker, whose role includes simultaneously offering buy and sell prices in futures contracts. NBAD will begin offering prices before the end of 2016.
“The opening of Nasdaq Dubai’s equity futures market is a landmark for the region’s investors, as it offers completely new opportunities for hedging. We are delighted to be involved at an early stage and are committed to supporting further rapid growth of the platform,” Hein van der Wielen, Managing Director and Head of Non-Linear Products at NBAD, said in a statement.
A total of 160,552 contracts have traded since the market opened and activity has increased more than 500 per cent.
“The participation of NBAD, as one of the UAE’s leading financial institutions, is another important step forward for our market, as we increase the range of investors and prepare to expand the suite of contracts available. We will continue to build the critical mass of the market’s infrastructure to promote trading activity,” Hamed Ali, Chief Executive of Nasdaq Dubai, said.
