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Abu Dhabi Securities Exchange (ADX) has granted Al Ramz Capital license to practice Market Making activity in the Exchange, thus making Al Ramz Capital the first company to be “directly” licensed by ADX to act as a Market Maker, and the second company practicing this function in ADX after National Bank of Abu Dhabi (NBAD) who started their market making activities in ADX in 2015.
The announcement came during the sign-off convention last week.
“Granting the Market Maker license to Al Ramz Capital will contribute to the flexibility of trading in ADX. It will also reflect ADX’s success in increasing the attractiveness and competitiveness of the Exchange through diversifying its products” said Ghanem Al Dhaheri, Deputy Chief Executive of ADX.
Al Dhaheri highlighted the remarkable cooperation between ADX and the Securities and Commodities Authority (SCA) that led to transferring some licensing authorities to ADX, including the market maker, margin trading, and public disclosures.
Meanwhile, Mohammad Al Murtada Al Dandanshi, the Managing Director of Al Ramz Capital said that “the Market Maker services will add to the company’s business diversity as per the company’s strategy”.
“Al Ramz Capital will always continue to contribute in developing the financial markets in the UAE,” he added.
“The market maker aims at improving trade opportunities on number of selected listed companies, in addition to stabilizing the prices, which creates further balance between supply and demand,” he added.
The companies that were approved to be included in trades are First Gulf Bank and Etisalat – while expecting further companies to join the market maker trades in the near future.
