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Clearstream opens new link with DIFX to facilitate access by investors

PUBLISHED ON 27-Apr-2007
Clearstream opens new link with DIFX to facilitate access by investors
The Dubai International Financial Exchange (DIFX) has opened a link with Clearstream under which securities listed on the exchange are eligible for settlement in Clearstream, via Deutsche Bank.

Per E. Larsson, Chief Executive of the DIFX, said: “This link creates a new bridge for international investors to easily access DIFX securities. It promotes liquidity and reinforces the integration that the DIFX has achieved with the international financial services community.”

The agreement enables Clearstream customers to settle domestic free and against payment transactions in all eligible DIFX securities with counterparties of the DIFX, through Deutsche Bank.

Clearstream is a leading International Central Securities Depository with its operational hub in Luxembourg.

Jeff Tessler, Chief Executive of Clearstream said: “With this new link, Clearstream will bring additional settlement liquidity to the DIFX. We believe that Clearstream’s commitment will support the DIFX in attracting listings and building turnover.”

Roger Harrold, Head of Domestic Custody Services at Deutsche Bank, said: "We are committed to the DIFX as an international exchange and believe it has a great opportunity to become an important new market place for IPO listings originating in the Middle East.”

The DIFX currently has eight equity listings, including two IPOs (initial public offerings) from companies in its region.

Hamed Ali, Executive Officer of the DIFX, said: “The DIFX has created a first class trading platform. It will continue to build up its network of connections with regional and international brokers, central securities depositaries and other financial institutions.”

Earlier this month the DIFX and Clearstream created a separate link that will facilitate more dual listings on the exchange, through a mechanism that enables securities to be moved easily between the DIFX and other stock markets on which a DIFX stock is listed.

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