Dubai: Nasdaq Dubai said it will add Abu Dhabi Commercial Bank (ADCB) and Union Properties (UPP) to its equity futures market, raising the number of leading UAE companies on which futures can be traded to nine.
The market opened on September 1, 2016, to provide regional and international investors with unique new tools for investment and wealth protection. On October 23, ADCB and UPP will join seven other UAE-listed companies on which futures have been offered from the outset: Aldar Properties, Arabtec Holding, DP World, Dubai Islamic Bank, DXB Entertainments, Emaar Properties and Etisalat.
Market making services on all the futures are provided by Shuaa Capital.
“The addition of ADCB as a prominent bank and UPP as a leading property company provides attractive new opportunities for investors wishing to take a range of positions in the UAE capital markets. The benefits of leverage, and the ability to make gains when underlying shares are falling as well as rising, are among the innovative features that the market offers,” Hamed Ali, Chief Executive of Nasdaq Dubai, said in a statement.
A total of 43,219 single stock futures contracts have traded since the market opened. One contract represents 100 shares.
Nasdaq Dubai plans a phased expansion of its futures market in coming months, including futures and options on shares of other companies listed on MENA exchanges, as well as futures on equity indices.
