DIFX Appoints Abu Dhabi Commercial Bank As Sub-Custodian

Abu Dhabi Commercial Bank (ADCB) has become the first regional bank to offer sub-custodian services on the Dubai International Financial Exchange (DIFX).

As a sub-custodian ADCB will offer a variety of activities that will facilitate trading and custody on the exchange, notably by investors based in the United Arab Emirates and across the region.

This complements ADCB’s existing ability to trade securities on the DIFX through a Direct Market Access (DMA) arrangement with a DIFX Member.

Henry Azzam, Chairman of the DIFX, commented: “By becoming a sub-custodian, ADCB is the first Abu Dhabi-based institution to offer financial services from the exchange. We welcome its arrival and see it as a significant step forward in the creation of a highly liquid trading environment comprising both regional and international investors.”

Eirvin Knox, Chief Executive Officer of ADCB, said: “The importance of our relationship with the DIFX is underlined by the rapid developments underway in the regional economy and the enormous opportunities offered by the exchange.

“ADCB has expanded its activities as one of the leading financial institutions in the region, with out local expertise complementing our international activities.”

Nasser Alshaali, Chief Operations Officer of the DIFX, commented: “The DIFX is gearing up for a significant number of equity and other listings this year, including initial public offerings. We also look forward to growing involvement in the DIFX by many more Abu Dhabi-based institutions and investors.”