Borse Dubai Benefits from Bull Run in UK Equities as It Divests London Stock Exchange Stake
by
Adil Siddiqui
Borse Dubai, an entity under the Investment Corporation of Dubai, a sovereign wealth fund takes advantage of rising stock prices and shelves its holdings in the UK's main equities and bond exchange, LSE, for $2.23 Bln.
The London Stock Exchange’s single largest investor, UAE-based Borse Dubai, which had a 17% stake in the firm, reduced its stake in the historic trading venue earlier this week, the sale coming on the back of a positive rally in global equities.
The sale was confirmed by the Borse in a statement and came 8 years after the government-owned Exchange invested in the UK.
The investment was the first major move by the government into the UK’s premier financial services sector and has sparked further investment into Nasdaq OMX. Details of the sale were announced in a statement in which the firm reported that it had sold its stake with the international banks mediating the transaction, including BofA Merrill Lynch, Barclays and Nomura. The LSE saw its share price dive, hitting an intra-day low of 9% after the news was reported.
Borse Dubai was unavailable for comment, however, the firm stated to Reuters that it was the "appropriate time to monetise" its investment, and the proceeds from the stake sale would be used for "general business purposes.”
Over the eight year investment period, the UAE has cooperated with the UK-based venue to promote domestic products. In 2013 the country's leading real estate development company, Damac Properties, filed for listing in the UK as a Global Depository Receipt (GDR). The shares were priced at $12.25 per unit with the filing raising over $400 million in investor interest.
The UAE-UK relationship has been prominent in the world of financial services. The DFSA, a special economic zone was created in 2004 by the government as a marketplace for international providers, banks and brokers, to do business in the region. The DFSA, a regulatory authority, mirrors its guidelines on the UK’s FSA (now FCA). The authority has been a hotspot for margin FX brokers as it allows firms to offer FX under a well governed system. The DFSA noted that it was planning to extend its oversight of margin products as it plans to enter the retail space.
The London Stock Exchange’s single largest investor, UAE-based Borse Dubai, which had a 17% stake in the firm, reduced its stake in the historic trading venue earlier this week, the sale coming on the back of a positive rally in global equities.
The sale was confirmed by the Borse in a statement and came 8 years after the government-owned Exchange invested in the UK.
The investment was the first major move by the government into the UK’s premier financial services sector and has sparked further investment into Nasdaq OMX. Details of the sale were announced in a statement in which the firm reported that it had sold its stake with the international banks mediating the transaction, including BofA Merrill Lynch, Barclays and Nomura. The LSE saw its share price dive, hitting an intra-day low of 9% after the news was reported.
Borse Dubai was unavailable for comment, however, the firm stated to Reuters that it was the "appropriate time to monetise" its investment, and the proceeds from the stake sale would be used for "general business purposes.”
Over the eight year investment period, the UAE has cooperated with the UK-based venue to promote domestic products. In 2013 the country's leading real estate development company, Damac Properties, filed for listing in the UK as a Global Depository Receipt (GDR). The shares were priced at $12.25 per unit with the filing raising over $400 million in investor interest.
The UAE-UK relationship has been prominent in the world of financial services. The DFSA, a special economic zone was created in 2004 by the government as a marketplace for international providers, banks and brokers, to do business in the region. The DFSA, a regulatory authority, mirrors its guidelines on the UK’s FSA (now FCA). The authority has been a hotspot for margin FX brokers as it allows firms to offer FX under a well governed system. The DFSA noted that it was planning to extend its oversight of margin products as it plans to enter the retail space.
EU Parliament Imposes €10,000 Cash Payment Limit in New Anti-money Laundering Legislation
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
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The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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