DFM accredits Bahrain's Sico as market maker.
Summary: Investment management firm says move, which will see it provide liquidity, will make markets more dynamic
Dubai: Sico BSC, the Bahrain-based investment management firm, has been accredited to provide liquidity and act as market maker for companies listed on Dubai Financial Market (DFM), it said on Monday.
The company said in a statement that the move would help create more "dynamic two-way markets that will enhance the liquidity of companies listed on the exchange."
The accreditation builds on Sico's status as the leading market-maker on the Bahrain Bourse since 1995, reinforcing its position as a pioneer and key player in GCC financial markets. It also follows the admission of Sico as the first non-UAE based registered market maker and liquidity provider at the Abu Dhabi Securities Exchange (ADX) last month.
As market maker and liquidity provider, Sico, which is also a major participant in UAE markets through its Abu Dhabi-based subsidiary, Sico Financial Brokerage LLC, will help narrow the spread between bids and offers, and encourage further trading.
Sico's functions will include making bids and offers for shares available, identifying the volumes required for buying and selling, and finding the balance price for securities on the DFM.
In a statement, Najla Al Shirawi, CEO of Sico, said: "We look forward to assisting listed companies to improve valuations and attract fresh capital, which will further enhance the confidence of regional and international investors."
[c] Al Nisr Publishing LLC 2018. All rights reserved. Provided by SyndiGate Media Inc. ( Syndigate.info ).
|Printer friendly Cite/link Email Feedback|
|Publication:||Gulf News (United Arab Emirates)|
|Date:||Sep 17, 2018|
|Previous Article:||India proposes merger of 3 state-owned banks.|
|Next Article:||Abu Dhabi index dips 1.7% as emerging markets woes echo.|