EFG Hermes UAE LLC has launched market making and liquidity provision services on the Abu Dhabi Securities Exchange (ADX), the firm said on Friday.
The unit of EFG Hermes, the investment bank owned by Egypt’s EFG Holding, is licensed by the UAE Capital Market Authority. It will place buy and sell orders in selected ADX-listed securities in line with exchange rules and regulatory requirements.
Market makers provide continuous buying and selling interest in a stock. The aim is to narrow the gap between bid and ask prices and help shares trade more regularly after a listing.
“We welcome EFG Hermes UAE to ADX’s market maker network,” said Saker Asllan, chief exchange operations officer of ADX. He said market makers help support liquidity and trading activity.
Ahmed Waly, global head of brokerage at EFG Hermes, said the launch was “an important step in expanding our brokerage offering in the UAE.” He said the service would give listed companies “continued support beyond the listing stage.”
Raymond Wasef, head of market making and liquidity provision at EFG Hermes, said the firm’s role on ADX would be “to be a consistent presence on both sides of the market.”
The firm did not name the securities it will cover.
EFG Hermes UAE already offers brokerage, research, execution and investment banking services in the country. EFG Holding is listed in Cairo and London and operates in Egypt, the UAE, Saudi Arabia, Kuwait, Bahrain and Jordan.
EFG Hermes said the service comes as Abu Dhabi’s capital market grows, supported by new listings, wider investor participation and rising interest from international institutions.
