Abu Dhabi Securities Exchange (ADX), the Arab world's second-largest stock market by market value, launched FADX 15 futures contracts trading on its derivatives platform on Tuesday.
The futures, based on the FTSE ADX 15 (FADX 15) Index, are the first index derivatives to be listed on the ADX as part of its efforts to boost market liquidity and attract more global investors.
The FADX 15 futures are cash-settled contracts that will replicate the price performance of the benchmark FADX 15 Index, which comprises the most liquid and the largest 15 companies listed on the ADX main market.
The move will provide a “new way for investors to trade equities listed on ADX’s main market, facilitating risk management for portfolio investors during periods of market volatility”, the exchange said.
The launch will increase opportunities for investors and traders to gain “two-way market exposure” while enhancing their hedging and leveraging capabilities, Saeed Al Dhaheri, ADX’s managing director and chief executive, said.
“The roll-out of a wider array of products on our derivatives market continues to reflect our commitment to meet the evolving needs of sophisticated market participants and attract global institutional investors,” Mr Al Dhaheri said.
“We look forward to deepening our partnership with FTSE Russell to create more indices that will support the ‘ADX One’ strategy of enhancing market liquidity and providing unique growth opportunities.”
Launched in March, the FADX 15 — developed by the ADX and FTSE Russell — is a blue chip benchmark that aims to support the bourse’s recently launched derivatives market and the creation of exchange traded funds and other index-tracking investment vehicles.
It selects companies by free float adjusted market capitalisation and median trading value.
FTSE Russell, wholly owned by London Stock Exchange, is a global provider of benchmarks, analytics and data solutions with multi-asset capabilities.
The Abu Dhabi bourse is the first exchange in the region to use FTSE Russell as its index administrator. The partners are developing and launching new indexes to support the growth of ADX.
The FADX 15 Index futures contract will facilitate market access for international investors and enhance transparency, governance and efficiency for the UAE capital markets, Arne Staal, chief executive of FTSE Russell, said.
“Our collaboration with ADX confirms FTSE Russell’s commitment in enabling Middle Eastern financial markets to innovate and meet the growing demand for open access to data, pricing and performance metrics … we look forward to announcing a range of new benchmarks in the coming months,” Mr Staal said.
ADX launched its derivatives market in November, when trading in the single equity futures of Etisalat, First Abu Dhabi Bank, International Holding Company, Adnoc Distribution and Aldar Properties started.
The value of trades on the derivatives market surged by “more than 950 per cent” from the beginning of the year to the end of May, the bourse said.
Our House, Louise Candlish,
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UAE currency: the story behind the money in your pockets
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Producers: KRTI Productions, T-Series
Director: Sree Narayan Singh
Cast: Shahid Kapoor, Shraddha Kapoor, Divyenndu Sharma, Yami Gautam
Rating: 2/5
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
GAC GS8 Specs
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Engine: 51.5kW electric motor
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ZAYED SUSTAINABILITY PRIZE
At a glance
- 20,000 new jobs for Emiratis over three years
- Dh300 million set aside to train 18,000 jobseekers in new skills
- Managerial jobs in government restricted to Emiratis
- Emiratis to get priority for 160 types of job in private sector
- Portion of VAT revenues will fund more graduate programmes
- 8,000 Emirati graduates to do 6-12 month replacements in public or private sector on a Dh10,000 monthly wage - 40 per cent of which will be paid by government
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
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Our legal consultant
Name: Hassan Mohsen Elhais
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The specs: 2018 Jaguar F-Type Convertible
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Transmission: Eight-speed automatic
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MATCH DETAILS
Juventus 2 (Bonucci 36, Ronaldo 90 6)
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Fighting with My Family
Director: Stephen Merchant
Stars: Dwayne Johnson, Nick Frost, Lena Headey, Florence Pugh, Thomas Whilley, Tori Ellen Ross, Jack Lowden, Olivia Bernstone, Elroy Powell
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- Engine: 3.9-litre twin-turbo V8
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Explainer: Tanween Design Programme
Non-profit arts studio Tashkeel launched this annual initiative with the intention of supporting budding designers in the UAE. This year, three talents were chosen from hundreds of applicants to be a part of the sixth creative development programme. These are architect Abdulla Al Mulla, interior designer Lana El Samman and graphic designer Yara Habib.
The trio have been guided by experts from the industry over the course of nine months, as they developed their own products that merge their unique styles with traditional elements of Emirati design. This includes laboratory sessions, experimental and collaborative practice, investigation of new business models and evaluation.
It is led by British contemporary design project specialist Helen Voce and mentor Kevin Badni, and offers participants access to experts from across the world, including the likes of UK designer Gareth Neal and multidisciplinary designer and entrepreneur, Sheikh Salem Al Qassimi.
The final pieces are being revealed in a worldwide limited-edition release on the first day of Downtown Designs at Dubai Design Week 2019. Tashkeel will be at stand E31 at the exhibition.
Lisa Ball-Lechgar, deputy director of Tashkeel, said: “The diversity and calibre of the applicants this year … is reflective of the dynamic change that the UAE art and design industry is witnessing, with young creators resolute in making their bold design ideas a reality.”
