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May 20, 2024

QMM becomes market maker for Chimera Capital’s ADX-listed ETFs

Chimera Capital LLC, an Abu-Dhabi-based investment management firm and subsidiary of Chimera Investment LLC, announced that Q Market Makers (QMM) has become a market maker for its four Exchange Traded Funds (ETFs) listed on the Abu Dhabi Securities Exchange (ADX).

QMM, part of ADQ, was launched in 2020, and has, over the past 18 months, played an active role in increasing ADX’s liquidity and efficiency, encouraging investor participation and resulting in an overall increase in trading activity across ADX-listed securities.

Syed Basar Shueb, Chairman of Chimera Capital, commented, “We are pleased to have QMM as a market maker for our four ADX-listed ETFs. By harnessing their specialised expertise, innovative technology and capital deployment capabilities, QMM will help increase Chimera’s ETF activity and price efficiency. QMM’s involvement further signifies the maturity of the ever-growing ETF market in the UAE.”

Saeed Hamad Al Dhaheri, Managing Director and CEO of ADX, said, “ADQ’s QMM has played a significant role in the exchange’s strategy to attract new investors and issuers and deepen market liquidity. Under our ADX One strategy, we are accelerating efforts to encourage new listings and introduce innovative products and services that will enhance our dynamism and attract more investors to participate in Abu Dhabi’s sustainable growth story.”

Magdi Shannon, Chief Executive Officer of QMM, said, “In its role as a market maker, QMM will provide liquidity, ensuring the price that investors buy and sell at is fair and reflective of the value of the ETF’s underlying securities. This is critical to the success of an ETF. We are pleased to be part of the Chimera ETF ecosystem, as the market maker on all ADX listed ETFs, and look forward to contributing to its success.”