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As part of its efforts to strengthen communication channels and build strategic partnerships with listed companies, the Abu Dhabi Securities Exchange (ADX), the region's leading financial market recently held its second annual forum for listed companies in this year, at Waldorf Astoria in Ras Al-Khaimah.
The forum was attended by representatives from ADX’s listed companies as well as members of ADX senior management.
The Forum aimed to introduce and keep partners up-to-date with the latest services and mechanisms, designed by ADX, to support listed companies’ compliance with the disclosure and transparency requirements of the market.
Rashed Al Blooshi stressed ADX’s commitment to developing frameworks for effective joint coordination with companies listed on the market and various related parties in order to improve trading systems and long-term investment savings. ADX is also dedicated to ready the companies to meet the requirements of disclosure and transparency, which come within the framework of ADX’s commitment to support the Abu Dhabi Plan, by developing and strengthening the investment climate of the Emirate and creating a flexible competitive environment for doing business.
Al Blooshi said: "Abu Dhabi Securities Exchange (ADX) is continually developing the services it provides to listed customers and companies, and continues its efforts to develop and launch strategic initiatives aimed at increasing market value and products in order to attract and leverage a wider range of investors. This is done in order to enhance the Nation’s investment structure and support its sustainable economic development, as part of ADX’s mission to contribute to Abu Dhabi Economic Vision 2030.”
Participants were presented with the latest digital services developed for ADX listed companies. These services have been designed to meet the requirements of disclosure and transparency and ensure the prompt delivery of information to shareholders and investors within a transparent governance framework and under sound business practices. They also included securities registration services, the new ADX website, and its easy-to-navigate interface, that meet the various needs of listed companies, shareholders and financial analysts.
Al Blooshi added: "Abu Dhabi Securities Exchange (ADX) continues to strive to enhance its technical infrastructure, characterized by the highest international standards adopted in listing and trading diversified securities. ADX also provides innovative products and services based on global best practices in disclosure, transparency and corporate governance to provide a fair and secure investment environment. This comes as part of ADX’s commitment to support the Abu Dhabi Plan, develop the financial services sector in the Emirate, and diversify the channels and methods of communication it has with customers by offering leading digital platforms and solutions.”
ADX’s team offered a detailed explanation of its latest investment services, ‘Technical Short Selling Service’ (TSS), which is part of their strategy to diversify investment and hedge mechanisms and raise the level of investment liquidity in order to attract new investors. The team also addressed various service procedures including laws and regulated procedures, such as technical short-term securities, liquidity, turnover rate, free stocks, etc., as well as various cases of technical short sale.
The Forum also presented a comprehensive definition of the services related to the liquidity provider and the rights of subscription. They also presented the use of the Blockchain technology, with a focus on the importance of the listed companies' compliance with the international financial reporting standards, using the XBRL language, which has recently been transferred to ADX.
ADX has previously hosted the annual forum in Abu Dhabi, were the first five listed companies to disclose their financial statements within the time period set for them during the second and third quarters of this year were honoured as part of the Exchange’s strategy to speed up the disclosure of financial statements. Companies honoured for promptly disclosing during the second quarter are: Union National Bank, United Arab Bank, Sharjah Islamic Bank, National Bank of Fujairah, and invest bank. Companies honoured for promptly disclosing during the third quarter are: Union National Bank, Sharjah Islamic Bank, United Arab Bank, National Bank of Umm Al Qaiwain, and Eshraq Properties
