Morgan Stanley signs market making agreement with DIFX
Morgan Stanley has signed a market making agreement with the Dubai International Financial Exchange (DIFX), under which it will provide continuous buy and sell prices in the shares of Kingdom Hotel Investments on the exchange.
- United Arab Emirates: Tuesday, June 05 - 2007 at 15:22
- PRESS RELEASE
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The agreement provides further liquidity in the company's securities.
Craig Niven, Managing Director, EMEA of Morgan Stanley said: 'This market making agreement underlines our commitment to the exchange and the region's capital markets as they expand. This is another part of our increasing footprint in the region as we continue to provide new opportunities for investors.'
Per E. Larsson, Chief Executive of the DIFX, said:
'Our agreement with Morgan Stanley further integrates the DIFX with the international and regional financial community. The exchange has built a first class trading structure with easy access for retail and wholesale investors.'
Morgan Stanley became a trading Member of the DIFX in February 2006. The following month it opened an office in the Dubai International Financial Centre, its first in the Middle East and North Africa region.
Kingdom Hotel Investments listed its ordinary shares on the DIFX in March 2006 following an initial public offering that raised $397 million. It is one of nine companies with equity listings on the exchange.
Hamed Ali, Executive Officer of the DIFX, said: 'The exchange looks forward to entering into further market making agreements as it brings on further substantial equity and other listings. Market making promotes investor confidence in participating in trading, as it ensures that investors will always be able to buy and sell securities.'
Log in to request more information from DIFX
Notes and media contacts
For further information on the DIFX, please contact:
Amira Abdulla
Dubai International Financial Centre
Tel: +971.4.362.2433
Mark Fisher
Dubai International Financial Exchange
Tel: +971.4.3622451
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 20 Members - ABN AMRO, Abu Dhabi Commercial Bank, Arbuthnot Securities, Barclays Capital, Citigroup, Credit Suisse, Deutsche Bank, EFG-Hermes, Hichens, Harrison & Co, HSBC, ING Bank NV, Jefferies International, KAS BANK, Morgan Stanley, Merrill Lynch, Mashreq Capital (DIFC), NBD Investment Bank, SHUAA Capital, Standard Chartered and UBS.
Issuers on the DIFX: Equities - Albaraka Banking Group (ordinary shares), Boulder Steel (ordinary shares), Citigold Corporation (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 - Dubai Holding Commercial Operations Group (Euro Medium Term Notes), MashreqBank (Euro Medium Term Notes), National Bank of Dubai (Euro Medium Term Notes); Islamic products - Aabar Sukuk (Sukuk), DIB 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 DIFC Investments.
Posted by Anne-Birte Stensgaard, Senior News EditorTuesday, June 05 - 2007 at 15:22 UAE local time (GMT+4)
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This Article was updated on Friday, June 15 - 2007
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