Consolidation with DFM
NASDAQ Dubai has outsourced its key market operations functions for equities to Dubai Financial Market (DFM), effective from 11 July 2010. The outsourcing is a landmark in exchange consolidation in the GCC. It improves access for DFM’s individual investors to NASDAQ Dubai, bringing them together in one deep liquidity pool with NASDAQ Dubai’s institutional investors. Click here for an overview of the outsourcing. The documents below were issued to market participants before the outsourcing came into effect.
08 July, 2010
DFSA issues final approval for outsourcing to DFM to take place on Sunday 11 July 2010
The Dubai Financial Services Authority today issued final approval for the outsourcing of NASDAQ Dubai’s trading, clearing, settlement and custody functions for equities to Dubai Financial Market. This will take place on Sunday 11 July 2010, as already scheduled. NASDAQ Dubai looks forward with its Members and other market participants to achieving a successful Go-Live on that date.
سلطة دبي للخدمات المالية تصدر الموافقة النهائية لتعهيد العمليات إلى أنظمة سوق دبي المالي إبتداءً من يوم الأحد الموافق 11 يوليو، 2010
أصدرت سلطة دبي للخدمات المالية اليوم الموافقة النهائية لتعهيد عمليات التداول والمقاصة والتسوية والكفالة للأسهم إلى أنظمة سوق دبي المالي، ذلك ابتداءً من يوم الأحد الموافق 11 يوليو، 2010 وفقاً للتاريخ المحدد مسبقاً.
كما تتطلع بورصة ناسداك دبي للعمل مع أعضائها وغيرهم من المشاركين في السوق لتحقيق إطلاق ناجح في هذا التاريخ.
07 July, 2010
NOTICE OF CHANGE IN TRADING, CLEARING, SETTLEMENT, CUSTODY AND CSD & REGISTRY FEES FOR NASDAQ DUBAI EQUITIES
The revisions outlined in the Notice, linked below, will be made to the fees for NASDAQ Dubai equities outsourced to the DFM platform. Fees may be paid in either USD or AED unless specified in a single currency. There is a fixed conversion rate for AED to USD of 3.67 AED to 1 USD
View Notice
06 July, 2010
PROCEDURES FOR MANAGING UNCONFIRMED TRANSACTIONS ON CUSTODIAN CLIENT NINS
The procedures outlined in the Notice, linked below, provide details on how NASDAQ Dubai will manage securities transactions that are rejected for settlement by the Custodian, acting as Settlement Agent, due to either an error, mismatch of information, or non confirmation from the Custodian’s end client (an “Unconfirmed Transaction”).
View Notice
1 July, 2010
NASDAQ DUBAI BUSINESS RULES VERSIONS 7.5 AND 7.6 RECEIVE DFSA APPROVAL, AHEAD OF PLANNED OUTSOURCING OF OPERATIONS FUNCTIONS TO DUBAI FINANCIAL MARKET
The NASDAQ Dubai Business Rules Version 7.5 (Equities) and Version 7.6 (Derivatives and ETCs) have been approved by the Dubai Financial Services Authority and were effective 11 July 2010 as detailed in the Notice, linked below.
View Notice
30 June, 2010
TRADING SAFEGUARDS FOR NASDAQ DUBAI EQUITIES
Price related safeguards at NASDAQ Dubai equities are detailed in the Notice, linked below.
View Notice
30 June, 2010
BANK GUARANTEES AS ELIGIBLE MARGIN
A change in Margin procedures for Clearing Members and Settlement Agents (as applicable) to use bank guarantees as Eligible Margin for NASDAQ Dubai equities with effect from 11 July 2010 is detailed in the Notice, linked below. This Notice was originally circulated to Members on 21 April 2010 and has been re-issued with minor updates.
View Notice
30 June, 2010
CHANGE IN TRADING, CLEARING, SETTLEMENT AND CUSTODY FEES
With effect from 11 July 2010, revisions will be made to the on-exchange trading and clearing fees for equities listed on NASDAQ Dubai. This Notice, originally issued on 15 June 2010, has been re-issued with no changes except for detailing the date it will become effective.
View Notice
29 June, 2010
SETTLEMENT NOTICE FOR NASDAQ DUBAI EQUITIES
Changes in settlement cycle and settlement timings for NASDAQ Dubai equities are detailed in the Notice, linked below.
View Notice
29 June, 2010
CLOSING PRICE POLICY
NASDAQ Dubai’s Closing Price Policy for its equities being outsourced to the DFM platform are detailed in the Notice, linked below.
View Notice
29 June, 2010
TRADING PHASES AND TRADING HOURS
With effect from Sunday 11 July, 2010, NASDAQ Dubai’s Trading hours will change as detailed in the Notice, linked below.
View Notice
29 June, 2010
NASDAQ Dubai trading holidays and settlement calendar for equities outsourced to DFM - 2010
(11 July to 31 December 2010)
NASDAQ Dubai has revised its trading and settlement calendar in line with the change in Settlement cycle
from T+3 to T+2, for its equities being outsourced to DFM.
View Notice
27 June, 2010
Emirates NBD becomes Settlement Bank
Emirates NBD has become an approved Settlement Bank of NASDAQ Dubai for equities, ahead of the outsourcing Go-Live which will take place (subject to final regulatory approval) on 11 July 2010. Standard Chartered and HSBC are also approved Settlement Banks.
View Notice
24 June, 2010
List of securities to be outsourced to Dubai Financial Market Platform
NASDAQ Dubai today issued the following Circular regarding its outsourcing of operations functions to DFM on 11 July 2010 (subject to final regulatory approval). The outsourcing applies to all NASDAQ Dubai equities. It does not apply to any other NASDAQ Dubai securities, nor to NASDAQ Dubai’s equity derivatives.
View Circular
21 June, 2010
Notice of Cash Settlement Fail Penalty Structure
This Notice is issued by NASDAQ Dubai to notify its market participants of a new cash Settlement Fail penalty structure. This is a new procedure which will be implemented from 11 July 2010, the Go-Live date of the outsourcing by NASDAQ Dubai of its trading, clearing, settlement and custody functions for equities to Dubai Financial Market.
View Notice
20 June, 2010
Revised Go-Live Date: 11 July, 2010
NASDAQ Dubai has revised its Go-Live date for outsourcing operations functions to Dubai Financial Market (DFM) to Sunday 11 July 2010 (subject to final regulatory approval).
The decision to move the date from Sunday 27 June was taken after consultation with market participants. The new date allows market participants more time to carry out essential end-to-end testing and make other preparations.
In order to confirm Member readiness, NASDAQ Dubai will now mandate Member testing. Before 5pm (1pm GMT) on Thursday 1 July, Members must confirm to NASDAQ Dubai that they have successfully completed their end-to-end testing. Members will be sent a separate document outlining the testing criteria which will need to be signed and returned to NASDAQ Dubai. By the same deadline, they must also provide to NASDAQ Dubai the requisite bank guarantees and settlement accounts details. Any Member failing to meet these deadlines will be deemed not ready for Go-Live. They may however trade after Go-Live using other solutions, as indicated in our previous circulars.
NASDAQ Dubai looks forward to continuing to work with its Members, Custodians and other market participants to achieve a successful Go-Live.
On Go-Live, all NASDAQ Dubai's trading, clearing, settlement and custody functions for equities will be outsourced to DFM.
تعديل تاريخ بدء تعهيد العمليات إلى 11 يوليو، 2010
قامت بورصة ناسداك دبي بتعديل موعد تحويل عمليات التعهيد لسوق دبي المالي إلى تاريخ 11 يوليو، 2010 (وذلك شرط الحصول على الموافقة التنظيمية النهائية).
وجاء القرار بتغيير تاريخ تعهيد العمليات من يوم الأحد، 27 يونيو، بعد التشاور مع المشاركين في السوق. ويمنح التاريخ الجديد المشاركين المزيد من الوقت لإجراء الاختبارات النهائية الإلزامية واتخاذ الإجراءات الضرورية الأخرى.
وحرصاً منها على التأكد من جاهزية الأعضاء، فقد جعلت بورصة ناسداك دبي تلك الاختبارات إلزامية ، حيث يتعين على الأعضاء قبل حلول الساعة 5 مساءً ( الواحدة ظهراً بالتوقيت العالمي) من يوم الخميس، 1 يوليو التأكيد لبورصة ناسداك دبي على نجاحهم في إكمال عمليات الاختبار المطلوبة. وسوف يتم إرسال وثيقة منفصلة تحدد معايير الاختبار إلى الأعضاء حيث يتعين عليهم توقيعها وإعادتها إلى بورصة ناسداك دبي. وفي إطار نفس المهلة الزمنية، يجب على الأعضاء تزويد بورصة ناسداك دبي بالضمانات المصرفية المطلوبة وتفاصيل حسابات التسوية. سيعد أي عضو لا يلتزم بالمهلة الزمنية المحددة غير جاهز للتحول للمنصة، غير أنه يمكن للأعضاء أيضاً بعد إطلاق منصة التداول استخدام حلول أخرى كما هو مبين في التعميمات السابقة.
ونحن نتطلع للاستمرار بالعمل مع أعضائنا وأوصيائنا وغيرهم من المشاركين في السوق لتحقيق الإطلاق الناجح لهذه المنصة.
هذا وسيتم اعتباراً من تاريخ التحول تعهيد عمليات التداول والمقاصة والتسوية والوصاية للأسهم لسوق دبي المالي.
15 June, 2010
Change in Trading, Clearing, Settlement and CSD fees
With effect from the go live date for the outsourcing of trading, clearing, settlement and custody to the Dubai Financial Market, this document contains revisions that will be made to the on-exchange trading and clearing fees for equities listed on NASDAQ Dubai.
View Document
03 June, 2010
DFSA issues in-principle no-objection regarding outsourcing to DFM
The Dubai Financial Services Authority today issued an in-principle No-Objection Letter regarding the outsourcing of NASDAQ Dubai’s trading, clearing, settlement and custody functions for equities to Dubai Financial Market. NASDAQ Dubai welcomes this development as it prepares for its previously announced Go-Live Date of Sunday 27 June 2010 for the changeover to DFM’s trading platform, subject to final regulatory approval. We look forward to continuing to work with our Members, Custodians and other market participants to achieve a successful Go-Live. All NASDAQ Dubai’s equities will continue to be traded and settled in US dollars after Go-Live. Final DFSA approval for the outsourcing is conditional on several milestones being met.
سلطة دبي للخدمات المالية تصدر عدم ممانعة من حيث المبدأ حول عملية التعهيد لسوق دبي المالي
أصدرت سلطة دبي للخدمات المالية اليوم رسالة عدم ممانعة من حيث المبدأ حول تعهيد عمليات التداول والتقاص والتسوية و والوصاية لسوق دبي المالي. ورحبت بورصة ناسدك دبي بهذه الخطوة حيث أنها تمهد لإعلانها السابق حول موعدها للتحول لإستخدام منصة سوق دبي المالي وذلك بتاريخ الأحد 27 يونيو، 2010 شرط الحصول على الموافقة الرقابية النهائية. ونحن نتطلع للإستمرار بالعمل مع أعضائنا واوصيائنا وغيرهم من المشاركين في السوق لتحقيق الإطلاق الناجح لهذه المنصة. وستستمر جميع عمليات التداول والتسوية للأسهم المدرجة في بورصة ناسداك دبي بالدولار الأمريكي وذلك بعد إطلاق المنصة.
الموافقة النهائية من قبل سلطة دبي للخدمات المالية لتعهيد العمليات مرطبتة بتحقيق عدد من الاهداف.
31 May, 2010
Go-Live Date set for 27 June, 2010
We expect that the Dubai Financial Services Authority will shortly issue an in-principle No-Objection Letter regarding the outsourcing of NASDAQ Dubai’s trading, clearing, settlement and custody functions for equities to Dubai Financial Market. DFM’s regulator, the Securities and Commodities Authority, has already issued its No-Objection to the outsourcing. In light of these developments, we have set a Go-Live Date of Sunday 27 June 2010 for the changeover to DFM’s trading platform, and request our Members and Custodians to prepare for that date.
نتوقع أن تصدر سلطة دبي للخدمات المالية قريباً رسالة عدم ممانعة من حيث المبدأ، حول تعهيد عمليات التداول والمقاصة والتسوية لسوق دبي المالي. هذا وكانت هيئة الأوراق المالية والسلع، الهيئة التشريعية لسوق دبي المالي، قد أصدرت مسبقاً رسالة عدم ممانعة تتعلق بعملية التعهيد. وعلى ضوء ذلك، قمنا بتحديد تاريخ: الأحد، 27 يونيو، 2010 للإنتقال إلى منصة التداول التابعة لسوق دبي المالي، ولذا نطلب من جميع الأعضاء والأوصياء الإعداد لهذا التاريخ.
26 May, 2010
Corporate Action Handling Process for NASDAQ Dubai Equities Post-Outsourcing Arrangement with DFM
This document explains the changes that will take place in the way Corporate Action events will be processed on the NASDAQ Dubai equities market as a result of the outsourcing of NASDAQ Dubai Central Securities Depository operations to Dubai Financial Market.
View Document
12 May, 2010
Clarification of NIN implementation for trading NASDAQ Dubai equities
This document clarifies various issues regarding the use of National Investor Numbers (NINs) for trading NASDAQ Dubai equities, under NASDAQ Dubai’s proposed outsourcing of market operations functions to Dubai Financial Market (DFM).
View Document
3 May, 2010
Timeline for consolidation with DFM
NASDAQ Dubai is aggressively working to finalise the outsourcing arrangements for its trading, clearing, settlement and custody for equities with Dubai Financial Market. As part of this effort, we continue to focus on obtaining regulatory approval and we will notify the market as soon as we receive it. The ‘go live’ date will be at least one calendar month after we give such notification, so that Members and market participants have adequate time to prepare.
7 April, 2010
Questions & Answers for International Investors
This document explains how market operations consolidation will work from the perspective of international investors.
View Document
7 March, 2010
NASDAQ Dubai Equities Trading Conformance Document - Ver 1.0
View Document
7 March, 2010
NASDAQ Dubai Connectivity Guide - Ver 1.22
View Document 4 March, 2010
Information Circular to Members re Investor Number, Account Structure and Migration
View Document 23 Feb, 2010
Information Circular to NASDAQ Dubai Trading Members, Market Data Vendors and ISVs - Testing
View Document 4 Feb, 2010
Information Circular to NASDAQ
Dubai Trading Members, Clearing Members and Custodians
View Document
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