The Abu Dhabi Securities Exchange (ADX), the Arab world's second-largest stock market by market value, signed an agreement with TradingView, a US-based financial information portal, to help attract more global traders and investors to the exchange.
ADX market data is now live on TradingView’s platform and the data is accessible to more than 30 million users to support their trading decisions, ADX said in a statement on Wednesday.
“The agreement is part of our ADX One strategy of investing in the transformation to ensure a seamless connection between investors and companies in a vibrant marketplace,” Saeed Al Dhaheri, managing director and chief executive of ADX, said.
“Our goal is to continue significantly increasing market capitalisation, enhancing liquidity and diversifying our investor base.”
The ADX One strategy, launched at the beginning of last year, comprises 22 projects to enhance corporate governance and introduce products and services that meet the requirements of issuers and global investors.
ADX launched a derivatives market in the fourth quarter of 2021, a new benchmark FADX 15 Index in March following an agreement with FTSE Russell to develop co-branded indices, and FADX 15 futures contracts in June 2022, as the first index futures on the exchange’s derivatives platform.
With a market capitalisation of about Dh2 trillion ($544 billion), ADX is home to some of the region's biggest companies, including International Holding Company and its subsidiary Alpha Dhabi Holding, First Abu Dhabi Bank and telecoms company e& (formerly known as Etisalat).
The exchange has also attracted a string of initial public offerings since last year.
There were nine on the main exchange last year, including Adnoc Drilling, which raised $1.1bn in October, and Fertiglobe, the world’s largest seaborne exporter of urea and ammonia combined, which reaped about $795 million.
In February, shares of Abu Dhabi Ports Group, the operator of industrial cities and free zones in the emirate, began trading on the ADX.
In June, Borouge, the joint venture between Adnoc and Austrian chemicals producer Borealis, successfully closed its $2bn IPO, the biggest share sale on the ADX, in a deal that was about 42 times oversubscribed.
