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Merrill Lynch lists news certificates on DIFX TraX platform
- United Arab Emirates: Monday, August 27 - 2007 at 15:25
- PRESS RELEASE
Merrill Lynch today announced that it will list two new certificates (Tracker-10YIT-Dubai and ReverseT-1YRC-Dubai) on the DIFX TraX, the recently launched structured products platform of the Dubai International Financial Exchange (DIFX).
Tracker-10YIT-Dubai will track the value of the Dubai Investable Index allowing investors to take an immediate broad and liquid exposure to the Dubai equity market.
ReverseT-1YRC-Dubai will be the first listed reverse convertible linked to the Dubai Investable Index. It will guarantee a fixed coupon of 9.5% and the initial investment on inception date will be safe as long as the Reference Index does not drop by 20% or more at anytime during the one year maturity of the Reverse Convertible.
Hedi Ben Mlouka, head of CEEMEA Equity Derivative Sales at Merrill Lynch said: "The launch of the Dubai Investible Index signified a milestone in the development of the derivatives market in the MENA (Middle East and North Africa) region. Now Merrill Lynch's launch of two new certificates reaffirms our commitment to driving growth in this important market and leading innovation through the development of derivative instruments for clients and the wider GCC market."
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About Merrill LynchMerrill 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.
In January 2007, Merrill Lynch established a new regional office at the Dubai International Financial Centre allowing the firm to conduct its full suite of global markets & investment banking activities in the region whilst regulated by the Dubai Financial Services Authority.
In 2006, Merrill Lynch launched the Dubai Investible Index (DII), the first investible designed to track stocks listed on the Dubai Financial Market. In May 2007, Merrill Lynch launched its Direct Market Access platform on the Dubai International Financial Exchange (DIFX) and then became a member of the Dubai Mercantile Exchange. Additionally this year, the firm announced a partnership with the Arab International Woman's Forum. Established in 2001 as the first not for profit organization of its kind, AIWF has brought together Arab and international business and professional women from over 40 countries, showcasing their development, promoting cultural diversity and creating greater public awareness of women's success and prospects in the Arab world.
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Posted by Medilyn Manibo, Assistant News Editor
