The New York Stock Exchange and the Abu Dhabi Securities Exchange Agree to Memorandum of Understanding for Business Collaboration

Rhea-AI Summary

Intercontinental Exchange, Inc. (NYSE: ICE) and the Abu Dhabi Securities Exchange (ADX) have signed a memorandum of understanding to collaborate on dual listings of companies, explore ETFs and data and index products, and work on sustainability initiatives. The agreement follows ADX's selection of the ICE Global Network to offer global institutional investors direct access to ADX market data and order entry. The MOU aims to support cross-border listings on the NYSE and ADX, providing each region’s strong investor base with access to these securities and driving economic growth.

Agreement focuses on dual listings and the exploration of new products

Represents most recent collaboration between ICE and ADX

NEW YORK & ABU DHABI--(BUSINESS WIRE)-- The New York Stock Exchange, part of Intercontinental Exchange, Inc. (NYSE: ICE), and the Abu Dhabi Securities Exchange (ADX), one of the fastest growing markets worldwide, today announced that the two parties have signed a memorandum of understanding to collaborate on a number of key business activities, including the dual listing of companies on both exchanges.

The NYSE and ADX will also explore opportunities to develop ETFs and data and index products, as well as collaborate on sustainability-related initiatives. The agreement follows the announcement last week that ADX has selected the ICE Global Network to offer global institutional investors direct access to ADX market data and order entry. The MOU also builds on ICE’s broader commitment to the region, including its collaboration with Abu Dhabi National Oil Company to launch ICE Futures Abu Dhabi in 2021.

The agreement between the NYSE and ADX was signed today by John Tuttle, Vice Chair of the New York Stock Exchange and President of the NYSE Institute, and Abdullah Salem Alnuaimi, Chief Executive Officer at the Abu Dhabi Securities Exchange. Tuttle, joined by Margaret Niche, Head of ICE Global Network, visited Abu Dhabi this morning and rang the ADX opening bell to celebrate the signing of the MOU as well as the addition of ADX to the ICE Global Network.

“The New York Stock Exchange is pleased to sign this memorandum of understanding with the Abu Dhabi Securities Exchange, bringing together two dynamic, global organizations to drive innovation and growth in our markets,” said John Tuttle, Vice Chair of the New York Stock Exchange and President of the NYSE Institute. “The agreement represents an exciting new initiative for the NYSE, building upon ICE’s investments in the region and allowing us to explore dual listings and other new products with ADX to benefit our listed companies and investors.”

“The collaboration between ADX and NYSE fosters greater connectivity between issuers and investors by facilitating the ease of dual listings, providing companies with greater visibility and access to a larger pool of investors while offering them the opportunity to participate in the growth stories of companies from diverse geographic regions,” said Abdulla Salem Alnuaimi, CEO of the Abu Dhabi Securities Exchange. “With this collaboration, we enhance the introduction of new financial products and services that cater to the needs of local and global investors, including innovative investment vehicles, indices, and exchange-traded funds, as well as work together on projects related to sustainability. This collaboration represents a key moment in ADX’s journey to reinforce Abu Dhabi's position as a thriving global financial center, enabling dual listings, fostering connectivity, and opening the door to a new era of growth and unlimited potential.”

The MOU is designed to support cross-border listings on the NYSE and ADX, seeking to provide each region’s strong investor base with access to these securities and to help drive economic growth.

About Intercontinental Exchange

Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds, and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity, and options exchanges -- including the New York Stock Exchange -- and clearing houses help people invest, raise capital and manage risk. We offer some of the world’s largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines, and automates industries to connect our customers to opportunity.

Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC on February 2, 2023.

About Abu Dhabi Stock Exchange

Abu Dhabi Securities Exchange (ADX) was established on November 15 of the year 2000 by Local Law No. (3) Of 2000, the provisions of which vest the market with a legal entity of autonomous status, independent finance and management. The Law also provides ADX with the necessary supervisory and executive powers to exercise its functions. On 17th March 2020, ADX was converted from a “Public Entity” to a “Public Joint Stock Company PJSC” pursuant to law No. (8) of 2020. ADX is part of ADQ, one of the region’s largest holding companies with a broad portfolio of major enterprises spanning key sectors of Abu Dhabi’s diversified economy.

ADX is a market for trading securities; including shares issued by public joint stock companies, bonds issued by governments or corporations, exchange traded funds, and any other financial instruments approved by the UAE Securities and Commodities Authority (SCA).

ADX is the second largest market in the Arab region and its strategy of providing stable financial performance with diversified sources of incomes is aligned with the guiding principles of the UAE “Towards the next 50” agenda. The national plan charts out the UAE’s strategic development scheme which aims to build a sustainable, diversified and high-value added economy that positively contributes to transition to a new global sustainable development paradigm.

Category: NYSE

View source version on businesswire.com: https://www.businesswire.com/news/home/20231116488912/en/

NYSE Media Contact

Lauren Sullivan

lauren.sullivan@nyse.com

+1 (212) 656-2321

ICE Investor Contact

Katia Gonzalez

katia.gonzalez@ice.com

+1 (678) 981-3882

ADX Media Contact

Abdulrahman Saleh ALKhateeb

ALKhateebA@adx.ae

+971 (50) 668 9733

Source: Intercontinental Exchange

FAQ

What is the memorandum of understanding between ICE and ADX about?

The memorandum of understanding focuses on dual listings of companies, exploring ETFs and data and index products, and collaborating on sustainability initiatives.

What does the agreement between NYSE and ADX aim to achieve?

The agreement aims to support cross-border listings on the NYSE and ADX, providing each region’s strong investor base with access to these securities and driving economic growth.

Who signed the memorandum of understanding between NYSE and ADX?

The memorandum of understanding was signed by John Tuttle, Vice Chair of the New York Stock Exchange and President of the NYSE Institute, and Abdullah Salem Alnuaimi, Chief Executive Officer at the Abu Dhabi Securities Exchange.

What does the collaboration between ADX and NYSE entail?

The collaboration aims to facilitate dual listings, provide companies with greater visibility and access to a larger pool of investors, and introduce new financial products and services catering to the needs of local and global investors.