News

ADX and FTSE Russell to develop new indexes

IndicesGlobal index provider FTSE Russell has agreed a deal with the Abu Dhabi Securities Exchange (ADX) to become the benchmark administrator for its suite of domestic equity indexes. FTSE Russell will provide daily index calculations for the exchange’s general index which includes all the companies listed on the ADX as well as nine sector specific indexes covering banks, consumer staples, energy, financial services, industrials, insurance, real estate, services and telecommunication. In addition, the two bodies will work together on developing a new series of sustainable finance indexes as well as sharia-compliant indexes. ADX chief executive H E Khalifa Salem Al Mansouri hailed the agreement as especially significant for the exchange and suggested that clients would benefit from the transparent methodology of an independent, global index provider while the ADX will gain a wider range of investors. “The new indexes will enhance our market attractiveness to foreign investors and improve the global competitiveness of our trading environment,” he said. The UAE is currently ranked as a secondary emerging market within FTSE Russell’s global equity index series while UAE companies account for 0.93% of the FTSE emerging market index, one of the most commonly used global benchmarks’ for emerging market equities. © 2020 funds global mena

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