National Bank of Abu Dhabi has Shut Market-Making Operation
Jan 25 National Bank of Abu Dhabi (NBAD) has shut its equity market-making operation less than a year after launch, two sources aware of the matter said on Monday, in a blow to efforts aimed at boosting liquidity on the emirate’s stock market.
The United Arab Emirates’ largest lender by assets was the Abu Dhabi exchange’s only official market-maker, quoting both buying and selling prices to make it easier for investors to move in and out of positions, after a February launch that the head of the 373 billion dirham ($101.6 billion) bourse said would increase liquidity and trading.
Since then, however, regional markets have been hit by substantial volatility and trading volumes have fallen away as investor sentiment has wavered because of weak oil prices, and Reuters reported in November that Galen Moore, the head of NBAD’s equity market-making, had left the bank. Details