This should warm your heart on a cold fall day. It turns out that Dubai, whose economy is in free fall as I write, taking world markets down with it, is a global leader in innovative derivative products. Wow! Just like Iceland! As the Global Arab Network describes it
NASDAQ Dubai’s equity derivatives market has won the Futures & Options World (FOW) 2009 Award for “Best Innovation by an Exchange in Product Design, Middle East.”We have learned nothing.
Commenting on the November 2008 opening of the market and its early growth, UK-based FOW said: “Pushing ahead with the launch amid the worst (global) recession for decades, and when some in the industry voiced doubts, is to be applauded.
“The resulting platform offers greater risk management scope for investors in the region, at a time of extreme market volatility.”
Equity derivatives trading volumes on NASDAQ Dubai have increased sharply in 2009, reaching a monthly record of 21,330 in October.
Jeff Singer, Chief Executive of NASDAQ Dubai, said: “FOW is a leading opinion former in the derivatives industry and we are delighted to be recognized by its Award. Our derivatives offer hedging opportunities for regional and international investors with exposure across UAE and wider Middle East markets.”
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