Tuesday 18, September 2018 by Kudakwashe

DFM accredits SICO as market maker and liquidity provider


The admission follows the admission of SICO as the first-non-UAE based registered market maker and liquid provider at Abu Dhabi Securities Exchange last month.

Bahrain's SICO has been accredited to provide liquidity and act as market maker for companies listed on Dubai Financial Market (DFM).

In a statement, DFM said that the accreditation will help create more dynamic two-way markets that will enhance the liquidity of companies listed on the exchange and result in benefits for investors and stocks of listed companies alike.

Additionally, through its Abu Dhabi-based subsidiary, SICO Financial Brokerage, SICO will help narrow the spread between bids and offers and encourage further trading.

SICO’s functions will include making bids and offers for shares available, identifying the volumes required for buying and selling and finding the balance price for securities on the DFM.

Hassan Al Serkal, Chief Operating Officer and Head of Operations Division of DFM, said that the accreditation is part of DFM’s efforts to cooperate with market participants in order to create value for issuers, brokers and investors alike.

SICO will assist listed companies to improve valuations and attract fresh capital, which will further enhance the confidence of regional and international investors, added Najla Al Shirawi, CEO of SICO.

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