In line with its strategy to enhance the UAE’s investment environment and support its sustainable economic growth, the Abu Dhabi Securities Exchange, ADX, granted Daman with the licence to provide Technical Short Selling, TSS, serviced to its clients, making it the fifth company on the Exchange to do so. The announcement was made during a bell ringing ceremony on ADX’s trading floor, in the presence of representatives and executive management from both sides.

The TSS service allows investors to short stocks listed on ADX by selling borrowed shares that they don’t own, but can afford within the applicable settlement period (T+2), in order to achieve profit, buying the stock back if the value goes down.

Chief Executive of ADX, Rashed Al Blooshi celebrated the joining of Daman Investments to the list of companies providing TSS service on the ADX exchange and emphasised the importance of continually modernising, enlarging and upgrading the market within a secure environment.

"Short selling is an advanced step not only as a hedging instrument, but also as a way of enhancing investment liquidity on the long run. The expectation for new traders is to find trusted brokers who can assist them in understanding and trading in an enabling, fair, sustainable and most importantly secure environment. This is why the TSS service that we offer comes with clear laws, rights and obligations governing transactions for brokers and investors alike, and information regarding all transactions under the service are published on a daily basis via the ADX website," he explained "In an attempt to enhance its position as a leader in the brokerage services in the UAE, Daman Securities is so delighted to obtain a license for technical short selling from Abu Dhabi Securities Exchange. This step will help us improve and develop our services to better serve the local market. Further, we will seek to deepen our relations with the fast-growing ADX," said, Shehab Gargash, Chairman of Daman Investments PSC.

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