Abu Dhabi Securities Exchange (ADX) Group and Borsa Italiana, part of Euronext, have signed a letter of intent to explore closer ties between the UAE and European markets. The agreement was signed at the Abu Dhabi Investment Forum in Milan and sets out areas for potential cooperation, including dual listings and post-trade infrastructure.
According to the press release on Mondo Visione, a central element of the discussions will be post-trade interoperability. The two exchanges will look at whether their central securities depositories, AD CSD and Euronext CSD Milan, can be connected to support cross-border settlement, asset servicing and share transfers, in line with regulatory requirements.
They will also consider whether Tabadul, described as the MENA region’s first mutual market-access platform, could be used to improve cross-border market access between Europe and the Gulf.
Context and data
The LOI follows earlier international initiatives by ADX, including a 2023 memorandum of understanding with the New York Stock Exchange that enabled US-registered ETFs to cross-list on ADX.
The release also highlights growth in Italian participation in ADX. The number of Italian investors increased by 61.5 per cent between 2024 and 2025, and their holdings showed a compound annual growth rate of about 68.5 per cent from 2020 to 2025.
In 2025, the market capitalisation of ADX dual-listed companies rose 26.2 per cent year on year to 52.2 billion dirhams, while total cash dividends paid by all ADX-listed companies reached 74 billion dirhams, up 9.4 per cent.
