DIFX to start derivatives trading in second half

Dubai: The Dubai International Financial Exchange (DIFX) plans to launch derivatives trading in the second half of this year, a bourse official told Al Arabiya television on Saturday.

Investors will have the option to trade on individual stocks or stocks representing the whole index, as well as future contracts, said Armen Papazian, senior vice-president of innovation and development.

The bourse is also expecting more initial public offerings (IPOs), Papazian said, without giving details.

Jewellery firm Damas said this month it plans to raise as much as $355 million in an IPO and list its shares on the DIFX in July.

Dubai has set up the DIFX, which is 33 per cent owned by exchange group Nasdaq OMX Group, to encourage local companies to sell shares to the public and for foreign companies to tap growing wealth.

The DIFX is the only exchange in the Gulf Arab region open to issuers and investors from almost all nationalities.