NYSE Euronext tie-up to boost ADSM

Abu Dhabi Securities Market (ADSM) has entered into a cooperation agreement with exchange giant NYSE Euronext to boost the bourse's technology, products and services.

As part of this alliance, NYSE Euronext will provide improved information and market infrastructure systems. It will also work with ADSM to develop new ventures, including a derivatives market.

Tom Healy, director general of ADSM, said: "This strategic alliance, which will create new growth opportunities to our mutual benefits, represents a significant step in bringing our capital markets closer together.

"We see that, based on this agreement, receiving support and advice from NYSE Euronext will significantly enhance our systems operations, broaden our product offering, and assist our development of new businesses, thus supporting ADSM in becoming the premier financial market in the region."

This follows the tie-up last year between Borse Dubai, the operator of the Dubai International Financial Exchange (DIFX) and Dubai Financial Market (DFM), and Nasdaq.

Elsewhere in the Gulf, the Doha Securities Exchange is understood to be in talks with the London Stock Exchange, in which Qatar is a shareholder, regarding further cooperation.

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