ABU DHABI, 16th February, 2022 (WAM) — Abu Dhabi Securities Exchange (ADX) has signed an agreement with Borsa Istanbul wherein the latter will provide consultancy services and implementation support to Abu Dhabi Securities Exchange in Information Technologies.
The signing of the agreement came during the visit of the President Recep Tayyip Erdoğan of Turkey, to the UAE on 14th February. The CEO Korkmaz Ergun, signed it on behalf of Borsa İstanbul and the Managing Director and CEO, Saeed Al Dhaheri, on behalf of ADX.
Borsa Istanbul will provide consultancy service to ADX in the field of Information Technologies (IT) and the establishment of systems, integration, updating the platform, transferring data to the new platform, application and acceptance tests, experience transfer and training.
Hisham Khalid Malak, Chairman of ADX, said that broadening global partnerships is a core element of ADX’s strategy to increase liquidity, enhance market efficiency, and drive the sustainable growth of our market.
“We appreciate Borsa Istanbul’s role in further developing ADX’s technological capabilities. We also look forward to exploring further areas of cooperation for the mutual benefit of our exchanges,” he added.
Ergun, in turn, stated that this agreement marks their first service export as Borsa Istanbul. As part of the agreement, Bursa Istanbul will support ADX in its technological transformation efforts.
“We are very keen on being able to transfer our knowledge and experience to other exchanges within the framework of these efforts. We will take this project as our own and work with ADX in system tests, system integration and data transfer processes in the most effective way, provide consultancy on various issues and make every effort to complete this project as a brand project of Borsa İstanbul in the best possible way,” he noted.
Saeed Hamad Al Dhaheri, Managing Director and CEO of ADX, said that this collaboration will further enhance the technological capabilities of ADX, and “we look forward to working closely with our new partners.”
ADX is broadening its range of products and services while investing in new technology to make trading more efficient and enhance customer experience. We have attracted a series of listings in recent months and launched a derivatives market following a partnership with Nasdaq to deliver innovative technology. Our network of partnerships make a valuable contribution to the “ADX One” strategy to be a market of choice for issuers and investors.”
The MoU is the latest in a series of strategic partnership agreements signed by ADX as part of its strategy for growth, announced at the beginning of 2021. The exchange is forging alliances with global stock exchanges and encouraging cooperation between institutions as part of its plan to increase market capitalisation significantly.
In 2021, ADX sealed agreements with Bahrain Bourse, Borsa Istanbul, and Astana International Exchange to unlock direct market opportunities and enhance cooperation through information exchange.