UAE. Volume is slowly picking up at Nasdaq Dubai and has grown more than tenfold since February. Though only 90 futures were traded in January, this grew to 386 in February and 3,956 in March so far, according to a report.
Nasdaq Dubai, the former Dubai International Financial Exchange, opened for derivatives trading on 19 November 2008, but got off to a slow start; only 35 contracts traded in November and a mere 20 in December.
The exchange’s Chief Operating Officer Peter Fitzgerald said from the outset that it would be a “soft launch” and was optimistic that volume would grow.
The most traded futures are those on the shares of Air Arabia, Emaar Properties and DP World, the world’s fourth-largest ports group.
By notional value, the top contracts are the FTSE Nasdaq Dubai UAE 20 index, followed by Emaar and DFM.
A spokesperson for the exchange said in an interview for Futures and Options Intelligence: “It’s still early days with our derivatives. The market remains small. But we are pleased that volumes are increasing.”
NASDAQ Dubai is the international financial exchange serving the region between Western Europe and East Asia. It welcomes regional as well as global issuers that seek regional and international investment. The exchange currently lists shares, structured products, Sukuk (Islamic bonds) and conventional bonds and is planning to list equity derivatives in 2008.
The majority shareholder of NASDAQ Dubai is Borse Dubai with a two-thirds stake. NASDAQ OMX Group owns one third of the shares. The regulator of NASDAQ Dubai is the Dubai Financial Services Authority (DFSA). NASDAQ Dubai is located in the Dubai International Financial Centre (DIFC).
The NASDAQ OMX Group. is the world's largest exchange company. It delivers trading, exchange technology and public company services across six continents, with over 3,900 listed companies. NASDAQ OMX Group offers multiple capital raising solutions to companies around the globe, including its US listings market; the OMX Nordic Exchange, including First North; and the 144A PORTAL Market. The company offers trading across multiple asset classes including equities, derivatives, debt, commodities, structured products and ETFs. NASDAQ OMX Group technology supports the operations of over 70 exchanges, clearing organizations and central securities depositories in more than 50 countries.
OMX Nordic Exchange is not a legal entity but describes the common offering from NASDAQ OMX Group exchanges in Helsinki, Copenhagen, Stockholm, Iceland, Tallinn, Riga, and Vilnius.
For more information, visit www.nasdaqdubai.com and www.nasdaqomx.com