Qatar Holding obtains sole ownership of Qatar Exchange - IFN

Qatar Holding obtains sole ownership of Qatar Exchange

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QATAR: Qatar Holding (QH), the investment arm of the emirate’s sovereign wealth fund Qatar Investment Authority, has successfully gained sole ownership of the Qatar Exchange (QE), the company said in a bourse filing yesterday. The deal saw QH acquire the remaining 12% stake it did not own from NYSE Euronext at an undisclosed price. Rashid Ali Al Mansoori, the CEO of QE, stated that the acquisition follows the conclusion of a previous strategic partnership agreement signed by both parties in June 2009. The partnership agreement stipulated a five-year strategy with an aim to transform QE into a world-class exchange which operates according to international standards and practices. NYSE Euronext’s initial 20% stake in QE was later reduced to 12% via an agreement contracted subsequently in 2012. The exchange has achieved significant progress in the development of infrastructure and systems as well as the diversification of investment tools and services provided to investors, said its CEO. He further noted that one of the most important milestones was the recent MSCI upgrade of the Qatari market from frontier market status to emerging market status. Commenting on the deal, Roland Bellegarde, the group executive vice-president for European Equities and Equity Derivatives at NYSE Euronext, said: “With the development of Qatar Exchange’s cash market and the launch of its venture market, most of our joint actions are now complete. And the transfer of operations to a local management team reflects the success of the transformation that has taken place.” According to Rashid, the trading technology provider will further continue its cooperation with QE across mutually-beneficial business initiatives for investors and issuers.