Within the framework of the commercial agreement signed between Borsa İstanbul and Abu Dhabi Securities Exchange (ADX); Borsa İstanbul will provide implementation and consultancy support to Abu Dhabi Securities Exchange in the field of Information Technologies.
During the visit of the President of the Republic of Turkey, Mr. Recep Tayyip Erdoğan to the United Arab Emirates on February 14, a commercial agreement was signed between Borsa Istanbul and Abu Dhabi Securities Exchange. The agreement was signed by the CEO Korkmaz Ergun on behalf of Borsa Istanbul and the Managing Director and CEO Saeed Al Dhaheri on behalf of Abu Dhabi Securities Exchange. Within the framework of this commercial agreement signed between the Exchanges of the two countries, it is stated that Borsa Istanbul will provide implementation and consultancy support to Abu Dhabi Securities Exchange in the field of Information Technologies.
It is declared that the first memorandum of understanding on this matter was signed between the Chairpersons of the Exchanges of the two countries during the visit of Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed Al Nahyan to Türkiye on November 24, 2021. By virtue of the negotiations between the two Exchanges, Borsa Istanbul will provide consultancy to Abu Dhabi Securities Exchange in the field of Information Technologies as well as the installation of systems, integration, updating the platform, transferring data to the new platform, application and acceptance tests, experience transfer and training. Some of the services will be provided by remote access and some from Abu Dhabi, while it is further aimed that the cooperation will continue following the project.
H.E. Hisham Khalid Malak, Chairman of ADX, said: “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.”
Korkmaz Ergun, CEO of Borsa İstanbul stated the following saying that this agreement marks their first service export as Borsa İstanbul: “As part of our agreement, we will provide support to Abu Dhabi Securities Exchange in its technological transformation efforts. We are very keen on being able to transfer our knowledge and experience to other exchanges within the framework of these efforts. We will take this project as our own and work with Abu Dhabi Securities Exchange 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. To that end, this project is of utmost importance for us. In the upcoming periods, we aim to continue this type of cooperation by expanding it with different projects. Within this framework, we maintain our negotiations with different exchanges on various issues. I would like to wish success to all our colleagues who will take part in the Abu Dhabi Project and employees of ADX.”
Saeed Hamad Al Dhaheri, Managing Director and Chief Executive Officer of ADX, said: “This initiative in collaboration with Borsa Istanbul will further enhance the technological capabilities of ADX, and we look forward to working closely with our new partners. ADX is broadening its range of products and services, while investing in new technology to make trading more efficient and to enhance the customer experience. In recent months, we have attracted a series of listings and launched a derivatives market following a partnership with Nasdaq to deliver innovative technology. Our network of partnerships make a valuable contribution to the “ADX One” strategy to be a market of choice for issuers and investors.”
