UAE-based brokerage Al Ramz Capital LLC, a subsidiary of Al Ramz Corporation Investment & Development, has joined Nasdaq Dubai to provide market making services on the exchange, which lists regional and international shares in the Middle East.
As the third market maker on Nasdaq Dubai, Al Ramz Capital will offer simultaneous bid and offer prices in selected securities listed on Nasdaq Dubai as part of its market making services. The agreement intends to further strengthen liquidity, pricing, and trading services offered to the bourse’s investors. The company will initially focus on market making in DP World and Etisalat futures, while further securities to be added in the near future.
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As an expanding and liquid exchange with a broad international investor base, Nasdaq Dubai provides attractive opportunities to make markets in a variety of securities. The market currently consists of single stock futures on contracts on nine leading UAE-listed companies: Emaar Properties, DXB Entertainments, Abu Dhabi Commercial Bank, Aldar Properties, Arabtec Holding, DP World, Dubai Islamic Bank, Etisalat and Union Properties.
Hamed Ali, Chief Executive of Nasdaq Dubai, said: “Al Ramz Capital has brought impressive financial expertise and experience to the UAE’s capital markets for many years and its market making activity on Nasdaq Dubai will benefit all participants, by facilitating further trading activity. Opportunities for market making will increase as the exchange adds more securities, including further equity listings as well as equity indices and equity options.”
Galen Moore, Head of Market Making and Liquidity at Al Ramz Capital, added: “We are very pleased to add the Nasdaq Dubai Market Making Licence to our business. Not only will we have the ability to serve our clients who require greater liquidity and transparency in the trading of their underlying shares but will increase the scope of our business to include futures and options. This shows that Al Ramz is committed to being at the forefront of the growth and development of the capital markets in the UAE and this licence demonstrates the maturity of this market.”