Media ININ Economy We Trust
25-02-2019 Media in\ Dubai
Brokerage House has completed the first process of transferring margin financing in the Dubai Financial Market to become the first brokerage company to benefit from this new service provided by the market in accordance with amendments to the rules governing the margin trading issued by the Securities and Commodities Authority.
The introduction of this new procedure by the Dubai Financial Market to facilitate the transfer of securities financed by margin from a brokerage firm to the other without the need to sell these securities in order to pay the financial obligations.
The transfer of margin financing in the Dubai Financial Market to date is AED 8 million.
Mariam Fikri, Chief Operating Officer and Head of Clearing, Settlement and Depository at DIFX, said: “We are pleased to introduce this service based on regulatory adjustments related to margin trading, which provide great flexibility for investors and brokerage firms alike.
Abdul Hadi Al Saadi, managing director of Brokerage Brokerage, said: “We will greatly benefit from adding the margin transfer procedure to the benefit of our customers who will have a new tool to transfer marginally funded securities from one broker to another in a safe and orderly manner.
