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UAE joins World Forum of Central Securities Depositories

Abu Dhabi Securities Exchange, ADX, has recently taken part in the fifth edition of the World Forum of Central Securities Depositories, WFC.

The forum, which took place from 8th to 12th April in Marrakesh, Morocco, hosted about 20 meetings and workshops, managed and presented by over 40 experts and specialists in financial markets.

Held every two years, the forum tackles a range of issues related to the changes in financial markets, especially the application of Blockchain technology, the challenges of cyber security in light of the rapid technological developments, and the new financial services on central deposits and their activities.

As part of the forum, the ADX delegation participated in a panel discussion on ‘Fintech technologies and how to embrace them’. The exchange reaffirmed its expertise in leveraging technology solutions and services, both in terms of being the first market in the MENA region, and the third in the world, to adopt Blockchain technology in its business, as well as through its partnerships with several specialised institutions in the field of financial technology.

The ADX signed a Memorandum of Understanding with the Society for Worldwide Interbank Financial Telecommunication, SWIFT, and seven global Central Securities Depository, CSD, companies, to collaborate on Blockchain implementation in trading and capital market transactions. It also signed a partnership deal with Equichain to join its working community. Equichain develops implementations of digital Blockchain transactions to bring further efficiencies to capital markets.

Khalifa Salem Al Mansouri, Acting Chief Executive of ADX, recognised the importance of World Forum of Central Securities Depositories, noting that it is a global platform which gathers more than 300 participants from over 90 countries. He said that the exchange is participating in WFC to showcase the attractive, stable and leading investment environment of the emirate of Abu Dhabi.

“This forum is distinguished from other international events as it brings together various stakeholders in the financial markets from around the world. This enables knowledge-sharing and exchange of views in order to address the latest developments and challenges faced by international stock exchanges. Furthermore, these discussions will help us develop more effective plans to introduce ADX and its innovative services regionally and globally,” Al Mansouri added.

The WFC brings together representatives of regional central depository associations in Asia-Pacific, the Middle East, Europe, Africa and the Americas. The fourth session of the forum was held in Hong Kong in 2017.

Source: WAM

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