Polaris Group, owner of Taiwan's largest online securities brokerage, plans to issue the first exchange-traded funds in the Abu Dhabi Securities Market as early as June, the Taiwan Stock Exchange said.
The Abu Dhabi market will revise its rules in June to allow ETFs, Wu Rong-I, chairman of the Taiwan Stock Exchange Corp., said in a briefing. He met in Taipei yesterday with Abu Dhabi Securities Chief Executive Tom Healy and executives of several Taiwanese brokerages.
The two exchanges said on Dec. 13 they signed an agreement to share experience and encourage cross-listings. Taiwan also expects similar tie-ups with other Middle East exchanges such as the Dubai International Financial Exchange Ltd., Wu said at the time.
"Abu Dhabi executives are seeking cooperation opportunities with Taipei, in addition to Japan and Singapore in the Asian region," said Wu, adding that one Abu Dhabi brokerage that he didn't identify will soon visit Taipei to seek a partner in which to invest.
Polaris will start by offering one or two ETFs backed by shares of high-technology companies in Taiwan. The exchange- traded funds will include companies that are Shariah-compliant and will exclude financial institutions, tobacco, gaming and others that don't comply with Islamic principles.
ETFs are becoming more popular with investors because they are cheaper and easier to trade than similar mutual funds. They are index-based products that allow an investor to buy or sell shares of portfolios of stock in a single security. Source
The Abu Dhabi market will revise its rules in June to allow ETFs, Wu Rong-I, chairman of the Taiwan Stock Exchange Corp., said in a briefing. He met in Taipei yesterday with Abu Dhabi Securities Chief Executive Tom Healy and executives of several Taiwanese brokerages.
The two exchanges said on Dec. 13 they signed an agreement to share experience and encourage cross-listings. Taiwan also expects similar tie-ups with other Middle East exchanges such as the Dubai International Financial Exchange Ltd., Wu said at the time.
"Abu Dhabi executives are seeking cooperation opportunities with Taipei, in addition to Japan and Singapore in the Asian region," said Wu, adding that one Abu Dhabi brokerage that he didn't identify will soon visit Taipei to seek a partner in which to invest.
Polaris will start by offering one or two ETFs backed by shares of high-technology companies in Taiwan. The exchange- traded funds will include companies that are Shariah-compliant and will exclude financial institutions, tobacco, gaming and others that don't comply with Islamic principles.
ETFs are becoming more popular with investors because they are cheaper and easier to trade than similar mutual funds. They are index-based products that allow an investor to buy or sell shares of portfolios of stock in a single security. Source
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