Stock markets in the region must move quickly to consolidate to avoid being left behind as a fast-moving trend of integration reshapes global markets, top officials said yesterday.
However, government ownership of most bourses remains a major obstacle and some exchange officials said the bourses themselves should float shares to encourage competition.
"The movement of money has become increasingly globalised and exchanges are being forced to catch up with this process," said Jeff Singer, the chief executive of Nasdaq Dubai, adding that "exchanges need to integrate more" at a business and regulatory level. The logic for consolidation behind international mergers "could also apply to the UAE's exchanges", Mr Singer said.
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