Source: TotalUAE

Press Release: Abu Dhabi Securities Exchange : Abu Dhabi Securities Exchange delays short-selling to allow time for training

The Abu Dhabi Securities Exchange (ADX) has delayed the introduction of short-selling, claiming that more time is required to acquaint market participants on the practice.The ADX announced plans in December to introduce technical short-selling as a means of boosting market liquidity and attracting more foreign investors, with initial plans to allow the practice by the end of March.However the exchange is now saying that a survey of dealers, brokers, board members of listed companies and investors found that more training was required before short-selling could be properly introduced."These are highly technical innovations that demand advanced practices in order to achieve best results of expansion," said Rashed Al Baloushi, chief executive of ADX, in a statement.The exchange said that technical short selling will not start by the second quarter of the year as scheduled, but would "undergo further preparations to ensure that investors are technologically aware of the market instruments."No details were given for when the practice is likely to be introduced.The Dubai Financial Market said in January that it would introduce short-selling "within the coming months."Short-selling has been practised by institutions throughout the region, and has been blamed for sharp falls in local stock markets.The Securities and Commodities Authority introduced regulations enabling short-selling in 2012 for licensed market makers, with other institutions requiring permission from the regulator and the relevant [email protected] The National's Business section on TwitterThe post Abu Dhabi Securities Exchange delays short-selling to allow time for training appeared first on UAE Business Directory -

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