Abu Dhabi Securities Exchange Hosts Annual Meeting of the Arab Federation of Exchanges

Press release

Published September 16th, 2018 - 07:11 GMT

Rashed Al Blooshi, Chief Executive of ADX

Abu Dhabi Securities Exchange (ADX) is to host the annual meetings of the Arab Federation of Exchanges (AFE) which will be held in Abu Dhabi on the 16^th -17^th September with the participation of a number of CEOs of member stock exchanges and general managers of Clearing Settlement and Depository centeres in the Arab world.

The meetings of the AFE will discuss over the period of two days issues and aspects related to the development of mechanisms of action in Arab stock exchanges as well as ways of promoting Arab financial markets and ways of benefiting from the experiences of the member exchanges.

On this occasion, Rashed Al Blooshi, Chief Executive of ADX, said that the choice of Abu Dhabi to host the annual meetings of the AFE is a recognition of the commitment ADX plays in consolidating relations of cooperation between the Arab stock exchanges, pointing out that stock markets in the Arab world comprise a significant number of emerging and promising stock markets who provide various opportunities for investment and thus exists the need for consolidated cooperation between member Exchanges.

Chief Executive of ADX added that fostering collective work between Arab financial markets on the grounds of the exchange of ideas and knowledge is a necessity as such collective work will promote and enhancce the ability of Arab stock markets to attract more invements.

The 43^rd session of the annual meeting will begin with a speech by the President of the session, followed by discussing the annual report of the AFE, and discussing the working papers submitted by Tunis Stock Exchange and Beirut Stock Exchange among other items on the AFE meeting agenda. Member exchanges will also discuss the budget for 2018 and expected budget for 2019.

By the end of 2017, data published by the AFE reported that member exchanges registered USD 340 billion worth of trading value with 34.1 billion as the number of trades. The market value of shares listed on the AFE members reached USD 1.14 trillion by the end of 2017.

The mission of the Federation is to create a transparent environment for the Arab capital markets, develop market members and reduce the barriers of security trading across the countries through establishing harmony across the laws and regulations of the Arab countries, adopting new technologies and advanced trading and clearing settlements.

Background Information

Abu Dhabi Securities Exchange

Abu Dhabi Securities Exchange (ADX) was established on 15th of November 2000 by Local Law No. (3) of 2000, the provisions of which vests the Market with a legal entity of autonomous status, independent finance and management, and gives ADX the necessary supervisory and executive powers to exercise its functions.

Moreover, ADX has the authority to establish centers and branches outside the Emirate of Abu Dhabi, and so far it has done so in Al Ain, Zayed City, Fujairah, Ras Al Khaimah and Sharjah.

ADX's board of directors is comprised of seven members nominated by Amiri Decree. The members of the board hold office for a term of three years. The first board of directors was constituted by Amiri Decree No. (8) of 2000.