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Capital Markets

Exchanges: Dubai plumps for structured products

The Dubai International Financial Exchange (DIFX) has set up a dedicated structured products market segment to help facilitate the trading of derivatives-based and other structured investments in the region.

The market kicked off on August 28 with Deutsche Bank, Morgan Stanley and Merrill Lynch launching a total of 14 different structured products, although this was increased to 23 underlyings a few days later. As Euromoney went to press, Citi was expected to join shortly as an issuer, and DIFX says other investment banks are also likely to add their structured products to the exchange in the coming months. The new market segment, called DIFX TraX, lists equity market index products based on the Dubai Financial Market, the Abu Dhabi Stock Market and other Gulf Cooperation Council area stock markets. It also lists securities linked to commodities, such as oil and sugar.

"The initial products that we are and will be launching are index certificates (index trackers), discount certificates, capital-protected notes and reverse convertibles," says Armen Papazian, the exchange’s managing director in charge of innovation and development.

He adds that the establishment of a structured products segment is only the start of the exchange’s long-term plan to roll out a number of new product types, a process that the exchange refers to as its "market of markets" strategy.

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