On Thursday, the New York Stock Exchange (NYSE) and the Abu Dhabi Securities Exchange (ADX) announced they had signed a memorandum of understanding to collaborate on key business activities, including listing companies on both exchanges.
“The New York Stock Exchange is pleased to sign this memorandum of understanding with the Abu Dhabi Securities Exchange, bringing together two dynamic, global organizations to drive innovation and growth in our markets,” John Tuttle, Vice Chair of the New York Stock Exchange and President of the NYSE Institute, said. “The agreement represents an exciting new initiative for the NYSE, building upon ICE’s investments in the region and allowing us to explore dual listings and other new products with ADX to benefit our listed companies and investors.”
The two companies said in a statement that they will also look for opportunities to develop ETFs, as well as data and index product and collaborate on sustainability-related initiatives. The agreement follows an ADX announcement earlier this month that it had selected the Intercontinental Exchange, Inc., of which NYSE is a part, to provide global investors with direct access to ADX market data and order entry. The MOU with NYSE build’s on ICE’s commitment to the region.
“The collaboration between ADX and NYSE fosters greater connectivity between issuers and investors by facilitating the ease of dual listings, providing companies with greater visibility and access to a larger pool of investors while offering them the opportunity to participate in the growth stories of companies from diverse geographic regions,” Abdulla Salem Alnuaimi, CEO of the Abu Dhabi Securities Exchange, said. “With this collaboration, we enhance the introduction of new financial products and services that cater to the needs of local and global investors, including innovative investment vehicles, indices, and exchange-traded funds, as well as work together on projects related to sustainability.”