UAE - Mubasher: Dubai has established xCube Company to manage the activities of market maker companies in the Dubai Financial Market (DFM), the Emirates News Agency (WAM) reported.
The launch of xCube was announced by Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, the Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance.
Sheikh Maktoum has appointed Essa Kazim as the company’s Chairman.
xCube will deploy algorithms and technology to conduct market-making activities and high-frequency trading for the listed cash equities and derivatives.
The company is expected to attract more capital and investors from inside and outside the UAE.
This launch is in line with the Dubai Securities and Exchange Higher Committee’s strategy to raise the Dubai stock market’s volume to AED 3 trillion in the upcoming period.
xCube’s Chairman and Governor of Dubai International Financial Centre, Essa Kazim, said: "Both retail investors and institutional investors will benefit from the improved spreads and the lower volatility that often results from market makers playing an active role in markets."
Kazim added: "By bringing the latest technologies and know-how in market making to the local markets, we anticipate renewed interest from investors both locally and globally."
