Closure of Euroclear Account

Nasdaq Dubai has agreed with Euroclear to close the Euroclear link (impacting equities) with a fixed target for closure by early 2019. The closure will not impact the links Nasdaq Dubai has with Euroclear that facilitate custody, clearing, and settlement of fixed income securities. The relationship between Euroclear and Nasdaq Dubai remains strong to expand the capital markets in the region. This decision comes as part of a closure of links to a number of markets globally.

What is affected?

The change taking effect is in relation to equities held in Euroclear’s NIN DB00044604. Fixed income securities that are traded on Nasdaq Dubai and settled and cleared in Euroclear will not be affected and will continue in the same manner. Clearstream services will not be affected by this change and will continue to operate as normal.

Investors holding equities in the NIN DB00044604 are required to take note of the below timelines.

15 October 2018

  • Investors will not be able to place buy trades using the Euroclear Investor Number on Nasdaq Dubai; and
  • Investors will not be able to transfer positions from Nasdaq Dubai CSD into the Euroclear Investor Number.

Investors do not need to sell their shares that are held in the Euroclear NIN. Investors are able to transfer these shares to another international CSD, Clearstream, or hold them with a Custodian. This transfer should be done before the end of 2018.

Where can you hold your shares?

Investors can continue to hold their securities through the following methods:

1. Hold the shares through an alternative international CSD such as Clearstream:

Makram Halabi
Head of Dubai Office
Tel: +971 4 427 8900

2. Through a Nasdaq Dubai Custodian

Deutsche Bank
Elisabetta Rottigni 
EMEA Sales, Securities Services
Tel. +49 (69) 910 66234

Sarita Kamath
Client Services, HSBC Securities Services, UAE
Tel : +971 4 423 6115

Standard Chartered Bank
Ali Jehangir
Director, TB Sales
Tel: +971 4 508 4354

Pradeep Paudyal
Markets and Securities Services, Middle East
Tel: +971 4 604 4249

First Abu Dhabi Bank
Khaled Khadr
ED, Securities Services
Tel : +971 2 305 3930

3. Hold shares through a National Investor Number (NIN) in Nasdaq Dubai’s CSD

All Nasdaq Dubai Trading Members are able to open and maintain NINs for their clients. A list of Members can be found at

Who can be contacted at Euroclear to help facilitate the transfer?

Designated Account Manager
Tel: +32 (0) 2 326 2812

What documents are required for the transfer?

Nasdaq Dubai requires that members provide
Form G - Application for Transfer of Securities within Nasdaq Dubai CSD to the Nasdaq Dubai CSD Team ( to execute the transfer.

The source account information for transfers is as follows:

Member Code of CSD Account Holder: DBAG
Investor Name: Euroclear Bank
Investor Number
: DB00044604
CSD Account Number
: Agent

Who can be contacted at Nasdaq Dubai for more information?

Tahir Husain
Senior Manager – Clearing, CSD & Registry
Tel: +971 4 305 5133

Shailesh Rahate
Senior Manager – Clearing, CSD & Registry
Tel: +971 4 305 5135

For CSD Enquiries

Tahir Husain
+971 4 305 5133

Shailesh Rahate
+971 4 305 5135

For Trading Enquiries

Market Operations
+971 4 305 5473