The Abu Dhabi Securities Exchange (ADX), has added liquidity provision services for Bank of Sharjah shares on its exchange by SHUAA Capital International Limited (SHUAA).
This is the second liquidity provision agreement hosted by ADX since last year.
As an authorised liquidity provider by the ADX, SHUAA will work towards enhancing liquidity levels of the traded stock.
SHUAA currently has the highest liquidity provision levels in the United Arab Emirates (UAE) both by volumes and by a number of signed-up listed firms, along with carrying out the service against cash equities and futures on multiple exchanges.
Rashed Al Blooshi, chief executive of ADX, said: "We are witnessing growing interest in the depth of products and services which we have introduced, including liquidity provision mandates. We take this opportunity to welcome Bank of Sharjah's timely decision for appointing one of the lead experts in this highly specialised field, SHUAA.”
Varouj Nerguizian, general manager of Bank of Sharjah, commented: "We at Bank of Sharjah are pleased to announce this new liquidity provisioning exercise, meant to further boost our shares' liquidity levels. We are confident our liquidity provisioning is in good hands".
Fawad Tariq-Khan, chief executive of SHUAA Capital, said: "Our established experience in liquidity provisioning and market making in UAE markets allow us to prudently provide these firms the scenarios needed to build healthy liquidity levels, and offer better pricing blended with unique market insights.”
He added: “We'd like to thank both the Abu Dhabi Securities Exchange and Bank of Sharjah for their vote of confidence.”
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