It will be launched on March 30, according to a partnership agreement between Al Souq and FTSE Russell.
"Fadax 15" .. a new index that includes the most liquid companies in the "Abu Dhabi Securities Exchange"
The Abu Dhabi Securities Exchange and FTSE Russell Global Indexes have entered into a partnership agreement in which they will cooperate to develop the FTSE Abu Dhabi Market 15 Index, a reference index for the shares of major companies, which will support the financial derivatives market recently launched by the Abu Dhabi Securities Exchange.
The new index will also allow the creation of ETFs, and other investment tools that track indices.
«Vadax 15»
A statement stated, that the new reference index will also be referred to as "Fadax 15", and it will be launched on March 30, as it will include the 15 most liquid companies in the Abu Dhabi Stock Exchange, which were chosen with great accuracy based on a variety of criteria, including: The modified market value criterion According to the free stocks available for trading, and the average value of daily trades.
The "Fadax" 15 index is the first in a group of co-branded indices that the Abu Dhabi Securities Exchange and "FTSE Russell" are cooperating to develop.
The launch of the index follows the announcement of the launch of the FTSE Abu Dhabi Market Indicators, which are based on the reference standard for classification of sectors (ICB), which is a global classification standard for sectors.
The new index will also provide the basis for launching new index-based products in the Abu Dhabi Securities Exchange during the current year.
important station
Saeed Hamad Al Dhaheri, Managing Director and CEO of Abu Dhabi Securities Exchange, said: "The launch of the (Fadax 15 Index) is an important milestone in the Abu Dhabi Stock Exchange's march, and confirms the market's commitment to providing advanced investment products to traders, in line with the best international standards."
He stressed that the new indices that were developed in cooperation with FTSE Russell support Abu Dhabi Securities' aspirations to build a vibrant and diversified market, characterized by high liquidity, and provide sustainable growth opportunities for investors from all over the world.
future standards
For his part, Arne Stahl, CEO of FTSE Russell, said: “We welcome the launch of the new (Fadax 15 Index) as the first joint index in the framework of the strategic partnership with the Abu Dhabi Securities Exchange, pointing out that this cooperation serves as a founder of future standards in a growing market. Vibrant, it brings the expertise of the FTSE Russell Global Indexes to one of the largest financial markets in the region.
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