ADX and Virtu Launch Block Crossing for Abu Dhabi-Listed Equities | LeapRate
The Abu Dhabi Securities Exchange and Virtu Financial said Tuesday that they have launched Virtu’s POSIT block-trading indications network for equity securities listed on the exchange.
The launch follows recent enhancements ADX made to its Negotiated Block Trade facility, giving exchange members greater flexibility to execute large transactions on-platform.
Virtu said in its release that it is the first firm to use the upgraded facility to complete electronic block trades sourced through the POSIT system. All trades will settle on a T+2 basis through the Abu Dhabi Central Securities Depository, the same settlement cycle used for standard ADX trades.
For firms that are not direct ADX members, connectivity, brokerage and post-trade services are provided by Arqaam Capital, Virtu’s regional partner.
The move represents the first phase of Virtu’s POSIT facilitating block-trading indications for Middle Eastern and North African equity securities.
“Abu Dhabi’s capital markets are evolving rapidly,” said Abdulla Salem Alnuaimi, group chief executive of the ADX Group. “By welcoming Virtu’s POSIT technology to ADX, we provide institutions seeking large trades direct access to new liquidity opportunities in our market.”
Rob Boardman, chief executive of Virtu Execution Services, EMEA, stated that extending the POSIT technologies to ADX-listed securities further enhances the appeal and accessibility of Abu Dhabi’s equity capital markets to institutional investors globally.
Sumeet Akewar, head of electronic trading at Arqaam Capital, said the launch reflected the firm’s commitment to advancing the region’s electronic trading ecosystem and providing institutional investors with world-class trading solutions.
