30 Jan, 2012NASDAQ Dubai joins Gulf Bond and Sukuk Association to promote region's debt market

NASDAQ Dubai has become the first securities exchange to join the Gulf Bond and Sukuk Association (GBSA), in a move that will strengthen the development of the region's debt markets.

NASDAQ Dubai is the region's largest exchange for Sukuk, with 15 listings with a total nominal value of 10.6 billion dollars. It has seven conventional bond listings with a total nominal value of 5.1 billion dollars. Through its membership it will support GBSA's drive to promote international best practice in the issuance, listing, trading and other aspects of fixed income.

Craig Hewett, Head of Business Development at NASDAQ Dubai, said: 'In a period of increasing debt issuance in the region, we look forward to working with GBSA and its members to encourage further transparency and efficiency in the markets. NASDAQ Dubai supports the sector both as a listing venue and through its easily accessible Central Securities Depository (CSD).'

Michael Grifferty, President of GBSA, said: 'GBSA is strengthening its role as a forum for interaction between market participants, government and regulators through a programme of industry events and first class research. We are delighted to welcome NASDAQ Dubai to our existing membership of leading banks, law firms, issuers, asset managers and ratings agencies.'

GBSA is the trade association representing the Arabian Gulf bond and sukuk market.

The Listing Authority for NASDAQ Dubai is the Dubai Financial Services Authority (DFSA), based in the DIFC. NASDAQ Dubai is the only exchange in the Middle East that has direct access to Euroclear, an International CSD, providing an easy transaction process with the NASDAQ Dubai CSD for international and regional investors.