Virtu Financial, Inc. (NYSE:VIRT) and the Abu Dhabi Securities Exchange today announced the launch of POSIT® block-trading indications network for equity securities listed on the Abu Dhabi Securities Exchange (ADX).

The launch follows recent enhancements ADX made to its Negotiated Block Trade facility, giving exchange members greater flexibility to execute large transactions on-platform. Virtu is the first firm to use this upgraded facility to complete electronic block trades sourced through the POSIT system. All trades will settle on a T+2 basis through the Abu Dhabi Central Securities Depository — the same settlement cycle used for standard ADX trades. For firms that are not direct ADX members, connectivity, brokerage and post-trade services are provided by Arqaam Capital, Virtu’s regional partner.

This represents the first phase of Virtu’s POSIT facilitating block-trading indications for Middle Eastern and North African (MENA) equity securities. The facility gives ADX members and their institutional clients access to Virtu’s established global network for sourcing block liquidity in ADX-listed securities with minimal market impact and information leakage.

“Abu Dhabi’s capital markets are evolving rapidly,” said Abdulla Salem Alnuaimi, Group Chief Executive Officer of the ADX Group. “By welcoming Virtu’s POSIT technology to ADX, we provide institutions seeking large trades direct access to new liquidity opportunities in our market. With Virtu as our infrastructure partner, we continue to deepen our global institutional participation and build up our liquidity pool, while preserving the integrity of price discovery on our public order book. This partnership is part of our ongoing commitment toward building a world-class globally connected market for investors and issuers.”

“Extending the POSIT technologies to ADX-listed securities further enhances the appeal and accessibility of Abu Dhabi’s equity capital markets to institutional investors globally,” said Rob Boardman, CEO of Virtu Execution Services, EMEA. “The innovation and assistance provided by ADX and our local partner Arqaam Capital were critical to the success of the project.”

“Arqaam has always been committed to bringing innovative trading technologies to the GCC,” said Sumeet Akewar, Head of Electronic Trading at Arqaam Capital. “The launch of POSIT, beginning with ADX in partnership with Virtu, reflects our commitment to advancing the region’s electronic trading ecosystem and providing institutional investors with world-class trading solutions.”