Abu Dhabi Securities Exchange and Virtu Financial have launched Virtu’s POSIT block-trading indications network for equity securities listed on ADX.
The launch follows recent enhancements to ADX’s Negotiated Block Trade facility, which provides exchange members with greater flexibility to execute large transactions on the exchange. Virtu is the first firm to use the upgraded facility to complete electronic block trades sourced through POSIT.
The new facility gives ADX members and their institutional clients access to Virtu’s global network for sourcing block liquidity in ADX-listed securities, with the aim of reducing market impact and information leakage when executing large transactions.
Trades completed through the facility will settle on a T+2 basis through the Abu Dhabi Central Securities Depository, in line with the settlement cycle for standard ADX trades.
For firms that are not direct ADX members, Virtu’s regional partner Arqaam Capital will provide connectivity, brokerage and post-trade services.
The launch represents the first phase of Virtu’s POSIT network facilitating block-trading indications for equity securities across the Middle East and North Africa.
ADX Group CEO Abdulla Salem Alnuaimi said the introduction of POSIT provides institutions seeking large trades with access to new liquidity opportunities and supports ADX’s efforts to deepen global institutional participation.
Source: Abu Dhabi Securities Exchange
Disclaimer: This article is for informational purposes only and should not be construed as investment, financial, or legal advice.
