ADX chief calls for joint action to deal with turmoil

MARKET CALL: ADX CEO Tom Healy is calling for exchanges to work together. (Getty Images)

Stock exchanges need to think long-term and work together in a bid to cope with the current financial turmoil, said Tom Healy, chief executive of Abu Dhabi Securities Exchange (ADX).

Speaking at the opening of the Federation of Euro-Asian Stock Exchanges (FEAS) Annual General Assembly in Abu Dhabi, Healy called on stock exchanges to work together to develop their product offerings and attract investors back to the stock markets.

“We need to think long-term,” said Healy. “The world will recover from the current crisis, and its stock exchanges must be ready for when it does.

"We need to apply the highest standards of regulation and transparency and we need to continue to develop our markets by introducing new and innovative products."

Established in November 2000, ADX is the official stock exchange of Abu Dhabi. It serves the domestic cash equity market, has 65 listed companies and a market capitalisation of $109.5 billion as at the end of September 2008.

Over the past 12 months, the ADX has fallen by 34 percent.

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