Dubai Stock Exchange (DIFX)

History of the Dubai Stock Exchange :

On September 29, 2004 the Dubai Stock Exchange was incorporated as a limited liability company inside the Dubai International Financial centre. It signed the contract with AtosEuronext, the supplier of automated trading platforms, and a software systems supplier Tata Consultancy Services (TCS), under which TCS would supply systems supporting clearing and settlement services for the DIFX.

Finally having received a license from the Dubai Financial Services Authority (DFSA), the DIFX became a fully functioning exchange on September 26, 2005. Since its opening the exchange has made a rapid progress. It was opened with four members on board - Credit Suisse, Deutsche Bank, HSBC, and UBS AG. After a month another global investment bank Citibank joined the exchange. Eight more members were included until early 2000.

Although the DIFX started trading with the listing of five Deutsche Bank index-linked equity products that were also traded in other exchanges, the DIFX list was shortly added with the National Bank of Dubai bonds and the world's largest sukuk, a US$ 3,5 billion issue by Dubai Ports, Customs and Free Zone Corporation in early 2006. Soon after that Mashreqbank debt instruments were listed on the exchange.

In March 2006, the DIFX announced the appointment of Per E. Larsson, former head of the Sweden-based OM Group (now OMX and owner of several Nordic Exchanges), as the next Chief Executive of the exchange.