Media ININ Economy We Trust
Media In – Dubai January 17, 2018 WAM
The Dubai Financial Market (DFM) today launched the “Account of Privatization” in a step that is the first of its kind among the regional capital markets in the framework of its relentless efforts to develop services and mechanisms supporting the activity of all categories of customers.
This mechanism allows the brokerage companies to open a unified allocation account at the clearing house through which the sale and purchase transactions of the securities are carried out on behalf of the company on behalf of their customers. Such transactions are allocated to the customers’ accounts during the allocation period.
The importance of this mechanism is that it provides an innovative and transparent solution that contributes to meeting the requirements of the global investment funds and paves the way for enhancing its activity in the market where the brokerage companies can execute the orders of a variety of customers through this account and then allocate the quantities according to orders based on the average rate For the prices on which the orders were executed.
The use of a customization account is limited to delivery customers against payment “DvP” but may be permitted in any other cases approved by the Dubai Financial Market and approved by the Securities and Commodities Authority.
Mr. Essa Kazim, Chairman of Dubai Financial Market, said: “The market is considered to be one of the most attractive regional markets for international investment funds. This has been particularly reinforced by the promotion of the UAE market to the emerging markets by MSCI. To create this unique mechanism among the regional markets to meet the requirements of the global investment funds, which carry out multiple transactions for a variety of customers. The new service provides a smooth and transparent electronic means for the trading of these funds with a fair distribution and based on the average price Investors involved on a daily basis.
