Bourses within the United Arab Emirates should consolidate, the head of Dubai Financial Market (DFM.DU) said on Tuesday, adding DFM's planned takeover of Nasdaq Dubai will be completed within two weeks.
"It is in the interest of everybody to consolidate. There have been discussions at the top level, meaning the owners of the exchanges," executive chairman Essa Kazim told reporters.
Dubai's two exchanges are already moving towards a single trading platform and synchronized trading hours. In December, Borse Dubai, the majority owner of the DFM and Nasdaq Dubai, agreed to buy Nasdaq OMX's (NDAQ.O) remaining stake in Nasdaq Dubai. [ID:nLDE5BL01C]
Profit at DFM, Dubai's top stock exchange which is itself listed, fell by almost half in 2009 as trading commissions slumped. [ID:nLDE62123W]
Pressure on the United Arab Emirate's three stock exchanges, which include the Abu Dhabi exchange ADX, to consolidate, has increased in the wake of the financial crisis and speculation has centered on Dubai's two competing markets.END
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