Abu Dhabi Securities Exchange (ADX) has entered into a commercial agreement with Borsa Istanbul, the sole exchange entity of Turkey, wherein the latter will offer implementation and consultancy support to ADX in the field of Information Technologies (IT).
The agreement was signed by Mr. Korkmaz Ergun, CEO of Borsa Istanbul and Mr. Saeed Al Dhaheri, Managing Director and CEO of ADX.
Within the framework of this commercial agreement signed between the Exchanges of the two countries, Borsa Istanbul will provide consultancy service to ADX in the field of IT and the establishment of systems, integration, updating the platform, transferring data to the new platform, application and acceptance tests, experience transfer and training.
“Broadening global partnerships is a core element of ADX’s strategy to increase liquidity, enhance market efficiency, and drive the sustainable growth of our market. We are appreciative of the role that Borsa Istanbul will play in further developing ADX’s technological capabilities. We also look forward to exploring further areas of cooperation for the mutual benefit of our exchanges in line with the memorandum of understanding signed in November.”
Mr. Ergun remarked that this agreement marks their first service export as Borsa Istanbul. As part of the agreement, Bursa Istanbul will support ADX in its technological transformation efforts.
“We will take this project as our own and work with ADX in system tests, system integration and data transfer processes in the most effective way, provide consultancy on various issues and make every effort to complete this project as a brand project of Borsa İstanbul in the best possible way,” Mr. Ergun added.
Speaking about the deal, Mr. Al Dhaheri stated that “ADX is broadening its range of products and services while investing in new technology to make trading more efficient and enhance customer experience. We have attracted a series of listings in recent months and launched a derivatives market following a partnership with Nasdaq to deliver innovative technology. Our network of partnerships makes a valuable contribution to the “ADX One” strategy to be a market of choice for issuers and investors.”
The MoU is the latest in a series of strategic partnership agreements signed by ADX as part of its strategy for growth, announced at the beginning of 2021. The exchange is forging alliances with global stock exchanges and encouraging cooperation between institutions as part of its plan to increase market capitalization significantly.