The New York Stock Exchange, part of Intercontinental Exchange, Inc. (NYSE: ICE), and the Abu Dhabi Securities Exchange (ADX), one of the fastest growing markets worldwide, have signed a memorandum of understanding to collaborate on a number of key business activities, including the dual listing of companies on both exchanges.
The NYSE and ADX will also explore opportunities to develop ETFs and data and index products, as well as collaborate on sustainability-related initiatives.
“The New York Stock Exchange is pleased to sign this memorandum of understanding with the Abu Dhabi Securities Exchange, bringing together two dynamic, global organizations to drive innovation and growth in our markets,” said John Tuttle, Vice Chair of the New York Stock Exchange and President of the NYSE Institute.
“The agreement represents an exciting new initiative for the NYSE, building upon ICE’s investments in the region and allowing us to explore dual listings and other new products with ADX to benefit our listed companies and investors.”
The agreement follows the announcement last week that ADX has selected the ICE Global Network to offer global institutional investors direct access to ADX market data and order entry.
The MOU also builds on ICE’s broader commitment to the region, including its collaboration with Abu Dhabi National Oil Company to launch ICE Futures Abu Dhabi in 2021.
The agreement between the NYSE and ADX was signed by John Tuttle, Vice Chair of the New York Stock Exchange and President of the NYSE Institute, and Abdullah Salem Alnuaimi, Chief Executive Officer at the Abu Dhabi Securities Exchange.
Tuttle, joined by Margaret Niche, Head of ICE Global Network, visited Abu Dhabi this morning and rang the ADX opening bell to celebrate the signing of the MOU as well as the addition of ADX to the ICE Global Network.
“The collaboration between ADX and NYSE fosters greater connectivity between issuers and investors by facilitating the ease of dual listings, providing companies with greater visibility and access to a larger pool of investors while offering them the opportunity to participate in the growth stories of companies from diverse geographic regions,” said Abdulla Salem Alnuaimi, CEO of the Abu Dhabi Securities Exchange.
“With this collaboration, we enhance the introduction of new financial products and services that cater to the needs of local and global investors, including innovative investment vehicles, indices, and exchange-traded funds, as well as work together on projects related to sustainability. This collaboration represents a key moment in ADX’s journey to reinforce Abu Dhabi’s position as a thriving global financial center, enabling dual listings, fostering connectivity, and opening the door to a new era of growth and unlimited potential.”
The MOU is designed to support cross-border listings on the NYSE and ADX, seeking to provide each region’s strong investor base with access to these securities and to help drive economic growth.
