The Dubai International Financial Exchange (DIFX) announced the appointment of Per E. Larsson, former head of the Sweden-based OM Group (now OMX and owner of several Nordic Exchanges), as the next Chief Executive of the exchange. He will take up his post in early July 2006.
Larsson will succeed Steffen Schubert, who will step down in June 2006 as scheduled at the end of his contract after becoming the DIFX’s first chief executive in February 2004.
As president and chief executive of The OM Group from 1996 to 2003, Larsson led the OM Group through a period of rapid expansion and technological development which culminated in a highly audacious bid for the London Stock Exchange in 2000.
“Per’s track record at the helm of a major stock exchange and exchange technology company, and his proven ability to deliver success in the fast-moving environment of financial services, will be invaluable to the DIFX as it moves into its next highly active phase of growth,” said Henry Azzam, chairman of the DIFX. “His experience of cross-border financial activities will also be a huge asset.”
Larsson said his initial focus will be to “attract many more significant equity listings from companies based across its region, including substantial initial public offerings and Islamic products. I also expect it to attract more bond listings and move into other product areas such as exchange-traded funds, real estate investment trusts and derivatives,” he added.