Tabadul Exchange Hub – Driving Cross-Border Trading platform
Since its launch in 2022, Tabadul has rapidly evolved into a multi-exchange cross-regional network and successfully expanded to 10 connected exchanges, spanning both emerging and frontier markets. In 2025, the platform expanded further with the addition of two new markets, significantly strengthening its geographic reach and cross-border trading potential. Through a single connection,
participants can access multiple exchanges while operating in full regulatory alignment with the rules of participating exchanges, CSDs, and regulators. This expansion translated into exceptional trading performance. Total trading value executed through Tabadul in 2025 exceeded USD 1.53 billion, reflecting an exceptional year-on-year increase of 9000x, while trading volumes reached 2.25 billion shares, reflecting an increase of more than 6400x, and continuous quarter-to-quarter exponential trading growth. The number of orders processed grew in line with market activity, recording significant increases and underscoring strong and sustained investor engagement. Cross-border trading activity contributed significantly to deepening market liquidity and improving price discovery across participating exchanges. This growth has been reinforced by increased broker participation, the expansion of custodian and settlement connectivity, and improvements in post-trade efficiency across participating markets. The activation of custodian and omnibus account models has been a key enabler in unlocking higher trading flows and enhancing overall market accessibility. Initially launched with a focus on equities trading, Tabadul progressed beyond it by establishing bonds and ETFs trading. Tabadul maintains a strong market development mandate, while actively supporting joint roadshows and investor engagements in collaboration with different exchanges, CSDs, and regional and international organizations, such as FEAS and AFCM. These milestones reinforce Tabadul’s position as a strategic cross-border trading platform, enhancing investor access, facilitating capital flows, and supporting the integration of frontier and emerging markets.
Project of the year: The launch of the ‘New ADX Group’, the ADX’s new market infrastructure and business model.
Event of the year: Celebrating ADX’s Silver Jubilee.
Change of the year: The establishment of the ADX Group, which included the exchange, Abu Dhabi Clear (AD Clear) and Abu Dhabi Central Securities Depository (AD CSD) in a unified structure.
Accomplishment of the year: Becoming the first exchange in the Arab world to cross-list two securities from the US .
Word of the year: Innovation
Person of the year: Issuers
Member of the year: Top 3 Brokers by Trading Value in 2025 are International Securities, EFG Hermes UAE, Arqaam securities.