In the presence of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces, and Chairman of the Abu Dhabi Executive Council, and Turkish President Recep Tayyip Erdogan, the Abu Dhabi Securities Exchange (ADX) and Borsa Istanbul (BIST) have signed a memorandum of understanding (MOU) to facilitate strategic cooperation between the two exchanges in order to further develop the financial services sector in the United Arab Emirates (UAE) and the Republic of Turkey.

As part of the MOU, ADX and BIST will collaborate and share information across a range of areas critical to the development of their exchanges, including operations; rules and regulations; product development; risk management; and market infrastructure.

The two parties will also explore the possibility of linking their respective central securities depositories (CSD) to support potential cross listings, while also looking at ways to facilitate trading on one another’s exchange by their members.

Commenting on this partnership, the ADX Chairman, H.E. Mohammed Ali Al Shorafa Al Hammadi, said: “ADX is pleased to support the relationship between Turkey and the UAE by providing a platform to encourage bilateral capital markets activity.  By increasing cooperation between our two exchanges, we will not only provide a greater range of opportunities for investors but also contribute to the development of both of our economies.”

Saeed Hamad Al Dhaheri, CEO of ADX, said: “We are excited to begin working with our counterparties at Borsa Istanbul and have identified a number of areas where we can collaborate and share knowledge to strengthen both of our trading platforms.  This partnership, and others like it, form a key part of our ‘ADX One’ strategy, which aims to increase liquidity, further improve market efficiency and support the long-term sustainable growth of our market.”

This MOU is the latest in a series of strategic partnership agreements signed by ADX with exchanges around the world, including Tel Aviv Stock Exchange, Bahrain Bourse and Astana International Exchange.  These agreements are a key part of the ‘ADX One’ growth strategy, which was launched by ADX at the beginning of 2021 to enhance liquidity, improve market efficiency and significantly increase market capitalisation.