NASDAQ Dubai launches futures trading on Saudi FTSE

26-02-2019 Media in\ Dubai
NASDAQ Dubai today launched futures trading on FTSE Saudi Arabia’s FTSE Russell Index, which tracks 46 companies listed in Saudi Arabia.
Futures are designed to be investment instruments at the international and regional levels, including funds that use the index as a benchmark for Saudi equity investments.
The move marks part of the rapid expansion of the NASDAQ Dubai derivatives market, including Saudi Arabia, where Tadawul is the largest trading market in the Middle East. NASDAQ Dubai issued future contracts for individual shares in 12 Saudi companies last month.
Futsi Russell, CEO of Futsi Russell, who opened the opening bell at NASDAQ Dubai’s Market Site, said: “NASDAQ Dubai’s futures contracts on the Saudi FTSE Index offer investors all over the world a new and attractive way to reach the important Saudi market. “We look forward to focusing primarily on the Middle East region in their growth plans … and look forward to strengthening cooperation with Nasdaq Dubai in many initiatives across the region.
For his part, Chairman of the Board of Directors of NASDAQ Dubai, Abdul Wahed Al Fahim, said that the issuance of futures contracts on the Saudi FTSE Russell Index reflects Dubai’s strategy of cooperating with the world’s leading institutions to enhance the financial markets and regional cooperation. We offer them a wide range of tools to enhance their portfolios.
“The new products play an important role in attracting more global investments to the region, enhancing the relationship between international investors and regional markets,” said Hamed Ali, CEO of NASDAQ Dubai. “NASDAQ Dubai continues to strengthen its financial markets by launching more products Financial markets and asset classes that are investable including futures contracts to meet the needs of investors at the international and regional levels.
The Saudi Riyal has been adopted as the trading currency for futures contracts on the Saudi FTSE Index. The duration of the contracts is two consecutive quarters of the year and the size of the contract is five times the value of the index.