United Arab Emirates : FTSE Russell and Nasdaq Dubai announce Saudi equity indices for derivatives trading
Feb 05, 2019 (Euclid Infotech Ltd via COMTEX) —
Nasdaq Dubai and FTSE Russell have signed a license agreement for the exchange to launch derivatives on FTSE Russells Saudi Arabia equity indices. In its first use of the license, Nasdaq Dubai intends to launch futures on the FTSE Saudi Arabia Index later this month on a date to be announced.
The futures, together with other derivatives to be launched in coming months under the license, will be designed to attract global and regional market participants including the many funds that use FTSE Russells indices as benchmarks for investing in Saudi equities. The move is part of a rapid expansion of Nasdaq Dubais derivatives market that is currently underway. The exchange launched single stock futures on 12 Saudi companies last month.
FTSE Russell announced in March 2018 that Saudi Arabia would be promoted to Emerging Markets status in its global equity benchmarks from March 2019. Hamed Ali, Chief Executive of Nasdaq Dubai, said: With FTSE Russells benchmark Saudi indices being widely used by investors around the world, our collaboration with FTSE Russell expands the investment opportunities available to regional and international investors, introduces new product opportunities for regional markets, and complements our product offerings on Saudi Arabia. We look forward to further developing our relationship with FTSE Russell to create attractive new investable products in the region.
Waqas Samad, Chief Executive of FTSE Russell, said: As investors prepare for the inclusion of Saudi Arabia into FTSE Russells global equity benchmarks, we are delighted to collaborate with Nasdaq Dubai to enable the launch of Saudi index futures. Saudi equities are some of the most heavily traded of all the regions markets, and the futures