NYSE Euronext (NYX) and Abu Dhabi Securities Market (ADSM) have entered a cooperation agreement to jointly develop and explore new opportunities in trading systems and other related techno
NYSE Euronext (NYX) and Abu Dhabi Securities Market (ADSM) have entered a cooperation agreement to jointly develop and explore new opportunities in trading systems and other related technology, investor and issuer services, and investment products.
As part of this alliance, NYSE Euronext will provide ADSM, by end 2008, with state-of-the-art information and market infrastructure systems and technology to host all financial instruments admitted to trading on ADSM. In addition, NYSE Euronext and ADSM will explore the development of new ventures, including the implementation of ADSM’s derivatives market.
This agreement is consistent with ADSM’s ambitions to become the leading global exchange in the Gulf region, on the basis of its market expertise, modeled after the diversity and international footprint of NYSE Euronext.
Duncan L Niederauer, Chief Executive Officer of NYSE Euronext, said: ‘We welcome this unique opportunity to work more closely with ADSM and are committed to the success of this strategic alliance, which is consistent with NYSE Euronext’s vision and strategic business objectives.’
Jean-François Théodore, Deputy Chief Executive Officer of NYSE Euronext, added: ‘We are delighted that NYSE Euronext and ADSM have established a cooperative working relationship on key areas of mutual interest for the benefit of our respective customers. We look forward to actively participate in ADSM’s global ambitions, on the basis of our state-of-the-art technology and strong expertise in financial products and services.’
HE Nasser Ahmed Alsowaidi, Chairman of ADSM, commented: ‘This new alliance between NYSE Euronext and ADSM is very welcome, and is very much in line with our ambitions for the Abu Dhabi market.’
Tom Healy, Director General of ADSM, said: ‘This strategic alliance, which will create new growth opportunities to our mutual benefits, represents a significant step in bringing our capital markets closer together. We see that, based on this agreement, receiving support and advice from NYSE Euronext will significantly enhance our systems operations, broaden our product offering, and assist our development of new businesses, thus supporting ADSM in becoming the premier financial market in the region.’
