NBAD, DFM join Nasdaq Dubai’s equity futures market

Nasdaq Dubai has added National Bank of Abu Dhabi (NBAD), Dubai Financial Market (DFM) and Dubai Investments (DIC) to its equity futures market, raising the number of UAE companies on which futures can be traded to 12, the exchange said in a statement on Tuesday.

The companies were added to the market on April 2.

The market making services on futures contracts on the three companies are provided by Shuaa Capital, the statement said.

“The addition of three more prominent UAE companies, whose equities are widely traded, adds further depth and breadth to our futures market,” Hamed Ali, chief executive of Nasdaq Dubai, said in the statement.

The three UAE firms will join Abu Dhabi Commercial Bank, Aldar Properties, Arabtec Holding, DP World, Dubai Islamic Bank, DXB Entertainments, Emaar Properties, Etisalat and Union Properties.

Nasdaq Dubai said it has planned a phased expansion of its futures market, including futures and options on shares of other companies listed on MENA exchanges, as well as futures on equity indices.

A number of regional and international financial institutions are in discussions with it to become market participants, the exchange added.

More than 1.14 million contracts have traded on the market since its inception, with one contract representing 100 shares, Nasdaq Dubai said.

Trading rose 14 percent to 184,000 contracts in March as compared to the previous month, it added.