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'.

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.

“FOW is a leading opinion former in the derivatives industry and we are delighted to be recognised by its award. Our derivatives offer hedging opportunities for regional and international investors with exposure across UAE and wider Middle East markets,” added Jeff Singer, chief executive of Nasdaq Dubai.

“Our derivatives market has benefited in particular from the support of Arqaam Capital as its first trading member and Susquehanna International Securities as its first market maker.”

The exchange’s equity derivatives platform consists of futures listed on 21 individual UAE companies and on the FTSE Nasdaq Dubai UAE 20 share index. Companies in the index include DP World, listed on Nasdaq Dubai, and leading companies listed on the Dubai Financial Market and the Abu Dhabi Securities Market.

Index constituents are selected for high market capitalisation and liquidity as well as openness to foreign investment. The index rose 76 per cent from end-2008 to end-October 2009, to 2,201.-TradeArabia News Service