Virtu Financial Inc. (NYSE: VIRT) has launched its POSIT block-trading indications network on the Abu Dhabi Securities Exchange (ADX), marking a significant milestone in the expansion of electronic trading capabilities in the Middle East and North Africa (MENA) region. The launch leverages the ADX’s newly enhanced Negotiated Block Trade facility, enabling institutional investors to execute large trades electronically for ADX-listed equities. Virtu is the first broker-dealer to utilize this upgraded infrastructure through its POSIT system, setting a precedent for institutional access to Abu Dhabi’s equity markets.
The partnership aligns with Virtu’s broader strategy to extend its POSIT technology beyond traditional markets, as part of a phased rollout targeting MENA securities. All trades settle on a T+2 basis through the Abu Dhabi Central Securities Depository, adhering to standard ADX settlement cycles. For non-ADX member firms, connectivity, brokerage, and post-trade services are provided by Arqaam Capital, Virtu’s regional partner.
The ADX, established in November 2000 and converted into a Public Joint Stock Company in March 2020, is the second-largest exchange in the Arab region by market capitalization. Its expansion of block-trading capabilities reflects broader efforts to modernize regional financial infrastructure.
In a statement, Abdulla Salem Alnuaimi, Group CEO of the ADX Group, highlighted the significance of the partnership: “By welcoming Virtu’s POSIT technology to ADX, we provide institutions seeking large trades direct access to new liquidity opportunities in our market.” Rob Boardman, CEO of Virtu Execution Services for Europe, the Middle East, and Africa, emphasized the enhancement of accessibility: “Extending POSIT technologies to ADX-listed securities enhances the accessibility of Abu Dhabi’s equity capital markets to global institutional investors.” Sumeet Akewar, Head of Electronic Trading at Arqaam Capital, noted the launch underscores the firm’s commitment to advancing electronic trading in the region.
The launch represents a strategic step toward deeper integration of international trading systems into MENA markets, potentially boosting liquidity and efficiency in regional equity trading.
