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Wed 30 May 2018 11:29 AM

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Abu Dhabi appoints new ADX chair, board

The move comes a day after ADX signed a partnership with Equinox to explore blockchain technologies

Abu Dhabi appoints new ADX chair, board

The Abu Dhabi Securities Exchange (ADX) has been restructured with Khalid Abdullah Ali Al Muhairi as its new chairman, it was announced on Wednesday.

In a resolution,Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, also named Khalifa Salem Ghanem Al Mansouri, Mohammed Najm Mohammed Al Qubaisi, Khalifa Ali Mohammed Al Qamzi and Ghannam Butti Khalifa Al Mazrouei as members of the board.

The announcement comes one day after London-based fintech firm Equichain signed a partnership agreement with ADX to join its working community, which aims to bring efficiencies to capital markets.

According to Equichain, the goal of the initiative is to “seamlessly connect the two ends of the institutional investment spectrum” using blockchain, eliminating intermediating lawyers and allowing incumbents to “redefine and expand their product scope.”

“The open exchange with Equichain and members of the working group will allow us to identify and test new applications of blockchain technology, aiming to enhance the speed and security of capital market transactions to the benefit of our investors and stakeholders,” said ADX CEO Rasheed Al Blooshi.

ADX is the first stock market in the MENA region and only the third globally to adopt blockchain in its service, having utilised the technology in e-voting services for annual general meetings of its listed companies.

ADX is one of four financial market infrastructures from the MENA region to join the working community.

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