Dubai: The Abu Dhabi Securities Exchange (ADX) said it has signed a Memorandum of Understanding with the Society for Worldwide Interbank Financial Telecommunication (SWIFT) and seven leading global Central Securities Depository (CSD) companies to support the adoption of distributed ledger technology (blockchain).
ADX will collaborate with key global stakeholders to determine the common standards and principle for implementation of and the advancement of blockchain-enabled use cases such as proxy voting and digital assets, the bourse said in a statement.
Rashed Al Blooshi, chief executive of the ADX, emphasised the importance of the MoU in building on ADX’s reputation concerning technological leadership, as well as delivering the highest standards of disclosure and transparency.
In an emailed statement, Al Beloushi said: “As the first market in the [Middle East and North Africa] Mena region to enter into an agreement of this kind, this signing marks another significant achievement for ADX. The exchange will open channels of constructive dialogue with various stakeholders to identify the common principals, standards and business rules needed for the successful implementation of DLT in post trade operations, with the aim of enhancing the speed and security of capital market transactions.”
