When the Dubai International Financial Centre first launched a new regional stock market former HSBC brokerage chief Peter Nankervis argued vigorously with the Dubai Financial Market that this was the wrong route to take.
He thought the DFM should have been broadened and expanded into a larger exchange, rather than creating yet another local trading platform. And even after today’s news that the DFM is to acquire NASDAQ Dubai, the Abu Dhabi bourse remains a second trading floor in the relatively small United Arab Emirates.
Details of the takeover have not yet been released, and it will almost certainly fall someway short of the single trading floor for Dubai that Mr. Nankervis proposed all those years ago.
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