Media ININ Economy We Trust
The Dubai Financial Market announced the launch of the “Omnibus Accounts” service, which opens the door for qualified dealers to access the investment opportunities available in the market for the benefit of more than one beneficial owner, by opening a unified account for holding and trading securities on behalf of several beneficial owners. And through a single investor number (NIN).
The Dubai Depositary Company, affiliated to the Dubai Financial Market, has issued the rules governing the service of pooled trading accounts, which will come into effect as of Wednesday, March 29, 2023. It has also started a registration process for qualified investment institutions interested in dealing through this new mechanism.
Hamed Ali, CEO of Dubai Financial Market and Nasdaq Dubai, said: “The launch of the pooled trading account service represents an important achievement that supports our endeavors to implement the strategy to develop capital markets in Dubai. As this step contributes to enhancing global investors’ access to the various opportunities available in the market. The combined trading accounts also meet the requirements and standards of international institutions, including, for example, MSCI, with regard to market access and market quality, FTSE for the quality of the market system, and other global index companies.
For her part, Haneen Al Hammadi, General Manager of the Dubai Depository Company, said: “Dubai Depository, as the first and only central depository services company in the UAE licensed by the Securities and Commodities Authority to date, has always been keen to provide a regulatory framework that facilitates the implementation of this important structure in Capital markets in the country in line with the best practices applied in international markets. The pooled account service represents a major step forward for a certain category of players in the market, especially asset management companies, as it helps them enhance operations and cost efficiencies.
