Merrill Lynch today announced the expansion of ‘X-ACT’ its Direct Market Access platform to include the Dubai International Financial Exchange (DIFX). X-ACT is a Global Algorithmic (DSA) and Direct Market Access (DMA) product accessible to hundreds of financial institutions around the world, through any multi broker platforms
Merrill Lynch is now able to offer its clients an integrated execution clearing and settlement, service on the DIFX.
Yvonne Hansmann, Managing Director, Head of Execution Sales for Merrill Lynch EMEA said, “The DIFX is one of the world’s newest international exchange and products such as X - ACT will serve to bring essential liquidity in what are still early days in this important initiative. Merrill Lynch has already connected a network of financial institutions to the platform, thereby giving them instant access to the DIFX.”
Jeffrey Culpepper, Managing Director, Head of Global Markets and Investment Banking for the Middle East and North Africa said, "We are delighted to be able to offer DMA to this important exchange. In providing clients access to a comprehensive set of trading solutions across products and assets classes we are reinforcing both our commitments to our clients and to this region which remains an area of key strategic focus for us.”
About Merrill Lynch
Merrill Lynch is one of the world's leading wealth management, capital markets and advisory companies with offices in 37 countries and territories and total client assets of approximately $1.6 trillion. As an investment bank, it is a leading global trader and underwriter of securities and derivatives across a broad range of asset classes and serves as a strategic advisor to corporations, governments, institutions and individuals worldwide. Merrill Lynch owns approximately half of BlackRock, one of the world’s largest publicly traded investment management companies with more than $1 trillion in assets under management.
For more information on Merrill Lynch, please visit www.ml.com.
About DIFX
The DIFX is the region’s first international financial exchange for equities, bonds, Islamic products, funds, index products and (subject to regulatory approval) derivatives. The target areas of the DIFX for seeking issuers include the Middle East and North Africa, as well as South Africa, Turkey and the Indian sub-continent. The exchange launched in September 2005 and currently has 19 Members – ABN AMRO, Abu Dhabi Commercial Bank, Barclays Capital, Citigroup, Credit Suisse, Deutsche Bank, EFG-Hermes, Hichens, Harrison & Co, HSBC, ING Bank NV, Jefferies International, KAS BANK, Morgan Stanley, Merrill Lynch, Mashreq Capital (DIFC), NBD Investment Bank, SHUAA Capital, Standard Chartered and UBS.
Issuers on the DIFX include: Equities - Albaraka Banking Group (ordinary shares), Fortune Management (ordinary shares), Gold Fields (American depositary shares), Hikma Pharmaceuticals (global depositary receipts), Kingdom Hotel Investments (ordinary shares), Man Industries (India) (global depositary receipts), Rana Sugars (global depositary receipts); Bonds - MashreqBank (Euro Medium Term Notes), National Bank of Dubai (Euro Medium Term Notes); Islamic products - Aabar Sukuk (Sukuk), Nakheel Development (Sukuk), Ports, Customs and Free Zone Corporation (Sukuk), TID Global Sukuk (Sukuk); Structured Products - Deutsche Bank (certificates over indices). The regulator of the DIFX is the Dubai Financial Services Authority. The DIFX is located in the Dubai International Financial Centre (DIFC) and its owner is the DIFC Authority. For more information on DIFX, please visit www.difx.ae .
