The Abu Dhabi Securities Exchange (aka the ADX) today signed a memorandum of understanding with its Libyan counterpart. What does this mean?
Technical assistance, perhaps, in managing trading systems, sharing data on trading activity and, most intriguingly, the cross-listing of securities.
Memoranda of understanding among exchanges are commonplace these days. The ADX has inked similar agreements in recent years with exchanges in Qatar, Oman, Jordan, Syria, Sudan and Egypt. The Dubai Financial Market, meanwhile, has signed up with exchanges in Bahrain and Karachi (not to mention London).
But what's the point of such memoranda?
