Abu Dhabi Securities Exchange is in discussions with two financial institutions to act as market makers.
The impact of having just one market-making institution was “not as positive as we were expecting”, said the chief executive Rashed Al Baloushi.
National Bank of Abu Dhabi is the sole market maker for the ADX, having begun operations in February.
“Now we are working to [have] more than one market maker in the business,” said Mr Al Baloushi on the sidelines of Abu Dhabi Securities Exchange’s annual conference yesterday.
“There is a talk with two other institutions to see market-making business.”
He declined to name the institutions or comment on whether one or both would be licensed.
Shares in ADCB, Aldar Properties, FGB, Waha Capital and Etisalat are included under the current market maker programme.
The ADX is also in discussions with several companies about potential public listings, including on the bourse’s secondary market. Mr Al Baloushi said that these companies were waiting for market conditions to improve before going public.
“These companies are waiting for the right time and right conditions,” he said, declining to give further details.
jeverington@thenational.ae
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