NASDAQ Dubai Monthly | August 2011 If the newsletter is not displaying correctly, click here to read it online 

Welcome to the latest issue of NASDAQ Dubai Monthly, our online newsletter that updates market participants about developments at the exchange.


  • Dubai Gold Securities (DGS) trading increases
  • Enhanced Clearing and Settlement model expected in September
  • Individual investors’ trading share reaches 7.3% so far in 2011
  • Angela Russo appointed General Counsel
Trading in Dubai Gold Securities increases as gold price rises

Trading in Dubai Gold Securities (DGS) totaled 6,470 securities in the four weeks ending August 11, up from 636 in the whole of 2011 before that date.

DGS were listed in 2009. They track the spot price of gold and have been declared Shariah-compliant. DGS can be traded on NASDAQ Dubai through a broker, just like equities.

The increase in trading coincided with a rise in the spot gold price over the period.

Click here for more details about DGS

Individual investors’ share of trading reaches 7.3% in first seven months of 2011

Individual investors accounted for 7.3% of traded value of NASDAQ Dubai equities in the first seven months of 2011. Total traded value in the period by individual and institutional investors was 438 million dollars.

NASDAQ Dubai started routing all its equities trades through the trading platform of Dubai Financial Market in July 2010, in order to facilitate access by individual investors. Individual investors accounted for 2.7% of equities traded value in the fourth quarter of 2010. 

In July 2011 individual investors accounted for 3% of total equities trading, compared to 3.3% in June 2011. Total equities traded value in July 2011 was 26.7 million dollars, down 64% from 74.1 million dollars in June 2011 and down 49% from 52.2 million dollars in July 2010.

Jeff Singer, Chief Executive of NASDAQ Dubai, said: “With the region’s capital markets currently experiencing challenging conditions, we look forward to  further liquidity entering the market as confidence increases. NASDAQ Dubai is in discussions with a number of companies that are interested in carrying out an IPO when conditions are right.”

Angela Russo appointed General Counsel

NASDAQ Dubai has appointed Angela Russo, an experienced commercial and corporate lawyer, as General Counsel and Acting Head of Market Regulation. Before joining NASDAQ Dubai’s Legal Department in February 2011, Angela was Senior Vice President – Legal and a Director at the Legatum investment group, based at its head office in Dubai, where from 2007 to 2010 she had management responsibility for legal, commercial, and project matters in the UAE and internationally. From 2006-2007 she was an Associate at Dubai-based law firm Afridi & Angell advising on regulatory, corporate and transactional issues. From 2001-2006 she worked in Sydney as an Associate at international law firm Freehills, representing leading  Australian companies in corporate, regulatory, employment and other matters. She has a B.L.L (Hons) and a B.Ec (Political Economics) (Hons) from the University of Sydney.

NASDAQ Dubai is recruiting

The exchange is seeking a Business Development Manager to expand revenues and product portfolios. The role includes a focus on the sales activity of the non-cash (equity) business across volume growth and membership sales.  This will require strategic thinking and a holistic approach to the development of the exchange with a sound understanding of the MENA market. The successful candidate will report to the Head of Business Development and have at least three years MENA capital markets experience, with a dynamic and creative approach to business expansion.

Applicants should contact Aneka Sharma, Human Capital Manager, at

Market model enhancements expected in September

Enhancements to NASDAQ Dubai’s Clearing and Settlement model are expected to become effective in September 2011, subject to regulatory approval.

NASDAQ Dubai will remain on a T+2 settlement cycle. However the exchange will not levy penalties for settlement instructions which are received from Settlement Agents on T+3. This will allow international investors in different time zones to settle their instructions by T+3 without penalty.

The operational changes that will be introduced remain the same as previously communicated, with updated timelines.

 For further details see the Circular
FTSE NASDAQ Dubai UAE 20 share index falls 4% in November

The FTSE NASDAQ Dubai UAE 20 index ended November 2011 at 1,438, down 4% from the end of October and down 20% from the end of 2010. The index tracks 20 stocks listed on DFM, the Abu Dhabi Securities Exchange and NASDAQ Dubai. The stocks are chosen for high liquidity and openness to foreign investment

Read more about the constituents of the index here >

Market share, by value of all traded securities – July 2011
Member Market Share %
Arqaam Securities 35.8  
EFG Hermes Brokerage UAE 18.7  
Al Futtaim HC 16.8  
Shuaa Securities 10.4  
Deutsche Bank 9.2  
DBFS (Mubasher) 3.8  
Emirates NBD Securities 1.4  
Mashreq Securities 1.1  
Al Dhabi Brokerage 1.1  
Citigroup 1.1