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DFM and NASDAQ Dubai hold Workshop for Brokers to explain consolidation benefits

PUBLISHED ON 17-Jul-2010
DFM and NASDAQ Dubai hold Workshop for Brokers to explain consolidation benefits

50 DFM brokerages learn advantages and process of NASDAQ Dubai exchange

DUBAI, 17 July, 2010 - Dubai Financial Market (DFM) and NASDAQ Dubai jointly held a workshop for brokers, to explain the benefits of the consolidation between the two exchanges which took place successfully on Sunday 11th July.

More than 50 DFM-licensed brokerages attended the workshop at DFM to learn about common membership benefits to both exchanges. NASDAQ Dubai outsourced trading, clearing, settlement and custody of its equities to DFM systems under the consolidation.

In order to trade on both exchanges, brokers need to be a Member of both. Eleven DFM Members, including many of the most active ones, are already NASDAQ Dubai Members.

As a result of the outsourcing, investors can trade on both exchanges with one Investor Number issued by DFM and common members can see the equities of both exchanges on one trading screen, which offers a single access point for trading accounts and regular statements of shareholdings for equities on both exchanges.

NASDAQ Dubai has aligned its trading fees so that they are similar to DFM's for all brokers. As a result, NASDAQ Dubai's minimum fees for brokers have been reduced.

Jeff Singer, Chief Executive of NASDAQ Dubai, said "Since the success of our outsourcing we have received more than 10 enquiries from other DFM brokers that wish to join our market. We look forward to welcoming more participants to the merged liquidity pool of retail and institutional investors that the outsourcing has created."

Maryam Fikree, Chief Operation Officer of DFM, said "Regional and international brokers have been routing NASDAQ Dubai trades successfully through DFM's trading platform since the outsourcing began. DFM and NASDAQ Dubai together will benefit from each others' strengths and further develop Dubai as a dynamic capital markets centre."

The workshop was given on 14 July by Maryam Fikree as well as Dean Noble, Vice President - Head of Market Operations at NASDAQ Dubai, and Khalifa Rabba, Assistant Vice President - Head of Market Control Department at DFM.

Applications for membership of NASDAQ Dubai take a minimum of 10 days to process and must satisfy its international regulatory standards.

As well as its 11 common Members with DFM, NASDAQ Dubai has 18 international Members including most of the world's largest investment banks.

Both exchanges will continue to operate within their different regulatory frameworks. DFM will continue to be regulated by SCA and NASDAQ Dubai will continue to be regulated by DFSA.

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