Qatar ratchets up pressure in financial race

Qatar bade farewell to the 12-year-old Doha Securities Market on Sunday when it launched Qatar Exchange in partnership with NYSE Euronext, an international exchanges operator.

Qatar Exchange plans to offer derivatives and commodities products beyond the DSM’s existing cash equities business and is already in talks with regional partners to launch overseas. As part of the deal, the new exchange will adopt NYSE Euronext’s technology.

The new bourse, in which the transatlantic operator has taken a 20 per cent stake for $200m, ratchets up the race for dominance as the region’s leading trading hub and primary financial centre. Doha, flush on hydrocarbons resources that are set to increase dramatically this year, is moving to position itself as an alternative to Dubai, the region’s established financial and trading hub.

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• NYSE Euronext to gain Qatar stake (news.bbc.co.uk)