Abu Dhabi – 28.01.2020: In line with its strategy to enhance the UAE’s investment structure and support its sustainable economic growth, Abu Dhabi Securities Exchange (ADX) has awarded BH Mubasher Financial Services PSC with a license to serve as Market Maker, making it the 5th Market Maker on the Exchange. The announcement came at a bell-ringing ceremony on ADX’s trading floor, which was attended by members of ADX and BH Mubasher Executive Management.
This step is a reflection of ADX’s success in increasing the attractiveness and competitiveness of the Exchange through diversifying its products. Speaking at the bell-ringing ceremony, Chief Executive of ADX, H.E. Khalifa Salem AlMansoori, said: “Awarding a new Market Maker license represents yet another milestone in ADX history, pointing to our willingness to expand our investor base, and continually improve market liquidity. Increasing the number of Market Makers on the Exchange is a key part of our long-term strategy of promoting Abu Dhabi to a wider range of international and domestic investors who can benefit from its competitive yet friendly business environment.”
ADX has registered BH Mubasher in line with guidelines issued by the country’s main financial regulatory body, the Securities and Commodities Authority (SCA) which stipulates that the ownership of a liquidity provider cannot exceed 5 percent of the listed company’s shares, and that issuers have the right to assign multiple liquidity providers.
Commenting on the accreditation, H.E. AlHurr Al Suwaidi, Chairman of BH Mubasher Financial Services, said that the license obtained from Abu Dhabi Securities Exchange (ADX) is a valuable addition to the range of services provided to clients. The move is in line with the company’s core strategy of providing the best services and maintaining the highest level of quality and credibility. He added that the milestone serves as a platform that opens new investment vistas for companies and businessmen.
Al Suwaidi explained that this step will help strengthen relations between BH Mubasher and capital markets in the UAE, particularly Abu Dhabi Securities Exchange. It will facilitate more instruments and ways to empower and grow businesses, contributing to overall sustainable economic development.
Abdel Hadi Al Sa’di, Chief Executive Officer, BH Mubasher, said: “We are very pleased to have received our Market Making license from Abu Dhabi Securities Exchange (ADX) and to provide liquidity to listed companies. This milestone for our business will enable us to offer more products and services to our clients and increase our scope of business.”
He added: “We thank Abu Dhabi Securities Exchange for trusting BH Mubasher and granting us the license, which is a valuable addition to our services. This shows that BH Mubasher is committed to being at the forefront of the growth and development of the capital markets in Abu Dhabi and the UAE.”
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