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Saturday, November 28 - 2009

Merrill Lynch becomes DIFX market maker

  • United Arab Emirates: Tuesday, February 06 - 2007 at 13:50
  • PRESS RELEASE

Merrill Lynch and the DIFX today announced that it has agreed to provide continuous buy and sell prices for Hikma Pharmaceuticals plc on the Dubai International Financial Exchange (DIFX), to provide liquidity in the company's securities.

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  • Jeffery Culpepper, Head of Global Markets and Investment Banking, Middle East and North Africa region, Merrill Lynch
    Jeffery Culpepper, Head of Global Markets and Investment Banking, Middle East and North Africa region, Merrill Lynch
Jeffery Culpepper, Head of Global Markets and Investment Banking, Middle East and North Africa region, Merrill Lynch said: "We are delighted to be strengthening our involvement with the region's international exchange through this commitment to make a market in Hikma. Market making is a proven method of encouraging investor confidence and participation on international exchanges around the world.

"Merrill Lynch has been a member of the DIFX since April 2006 and we look forward to further developing our activities in the region's rapidly expanding capital markets."

Global depositary receipts issued by Hikma are listed on the DIFX. It is one of seven companies with equity listings on the exchange.

Per E. Larsson, Chief Executive of the DIFX, said:

"Market making is a key part of our market model as it provides continuous liquidity to investors who want to buy or sell a security on the DIFX. We look forward to reaching further market making agreements as more securities list on the exchange."


Hamed Ali, Executive Officer of the DIFX, said: "Merrill Lynch's international reach and close links to the investor community provide great opportunities for regional as well as international capital markets participants. This market making agreement is a significant step forward for the exchange as it prepares to expand in 2007."
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About Merrill Lynch

Merrill Lynch is one of the world's leading wealth management, capital markets and advisory companies with offices in 37 countries and territories and total client assets of approximately $1.6 trillion. As an investment bank, it is a leading global trader and underwriter of securities and derivatives across a broad range of asset classes and serves as a strategic advisor to corporations, governments, institutions and individuals worldwide. Merrill Lynch owns approximately half of BlackRock, one of the world's largest publicly traded investment management companies with more than $1 trillion in assets under management.

About DIFX
The DIFX is the region's first international financial exchange for equities, bonds, Islamic products, funds, index products and (subject to regulatory approval) derivatives. The target areas of the DIFX for seeking issuers include the Middle East and North Africa, as well as South Africa, Turkey and the Indian sub-continent. The exchange launched in September 2005 and currently has 18 Members - ABN AMRO, Abu Dhabi Commercial Bank, Barclays Capital, Citigroup, Credit Suisse, Deutsche Bank, EFG-Hermes, Hichens, Harrison & Co, HSBC, Jefferies International, KAS BANK, Morgan Stanley, Merrill Lynch, Mashreq Capital (DIFC), NBD Investment Bank, SHUAA Capital, Standard Chartered and UBS.
Issuers on the DIFX include: Equities - Albaraka Banking Group (ordinary shares), Fortune Management (ordinary shares), Gold Fields (American depositary shares), Hikma Pharmaceuticals (global depositary receipts), Kingdom Hotel Investments (ordinary shares), Man Industries (India) (global depositary receipts), Rana Sugars (global depositary receipts); Bonds - MashreqBank (Euro Medium Term Notes), National Bank of Dubai (Euro Medium Term Notes); Islamic products - Aabar Sukuk (Sukuk), Nakheel Development (Sukuk), Ports, Customs and Free Zone Corporation (Sukuk), TID Global Sukuk (Sukuk); Structured Products - Deutsche Bank (certificates over indices).

The regulator of the DIFX is the Dubai Financial Services Authority. The DIFX is located in the Dubai International Financial Centre (DIFC) and its owner is the DIFC Authority.

www.difx.ae

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