ADX partners with Edaa to strengthen bilateral cooperation
Latest news
ADX partners with Edaa to strengthen bilateral cooperation 04 February 2019Abu Dhabi Reporter: Jenna Lomax
Image: Shutterstock
Abu Dhabi Securities Exchange (ADX) has signed an agreement with the Securities Depository Center Company (Edaa), which is wholly-owned by the Saudi Stock Exchange (Tadawul) to strengthen bilateral cooperation in the dual listing of securities in Saudi and UAE financial markets.
Edaa is the sole entity responsible for providing custody, registration, clearing and settlement services for securities traded on the Saudi Stock Exchange.
The agreement aims to identify and standardise the operational, administrative and technical
procedures between the two countries and are also part of ADX and EDAA continuous efforts to enhance their regional standing and implement the highest standards of governance and transparency.
Additionally, the agreement allows for the transfer of securities and updating the securities ownership registers in each country.
Khalifa Salem Al Mansouri, acting chief executive of ADX, and Mamdooh AlSedairy, CEO of EDAA signed the MoU.
NO FEE, NO RISK 100% ON RETURNSIf you invest in only one asset servicing news source this
year, make sure it is your free subscription to Asset Servicing Times
Image: Shutterstock 