Dubai Financial Market gains wider remit

09/07/2010 - Dubai Investment News
Dubai Financial Market gains wider remit

Posted by Neil King

NASDAQ Dubai has announced that the Dubai Financial Services Authority (DFSA) has given final approval for all trading of its listed equities to take place through the trading platform of Dubai Financial Market (DFM) from Sunday (July 11th).

The move is part of an outsourcing strategy to increase trading volumes on NASDAQ Dubai and strengthen the emirate's role as a centre of capital markets activity, the exchange said.

In addition, clearing, settlement and custody functions for NASDAQ Dubai equities will also migrate to DFM's systems.

"The new structure will provide DFM's 520,000 individual investors with easier access to NASDAQ Dubai's equities," said Jeff Singer, chief executive of NASDAQ Dubai. "It will also provide institutional investors, including those based overseas, with the same easy access that they currently enjoy."

Meanwhile, a spokesperson for DP World, the most heavily traded company listed on NASDAQ Dubai, commended the exchange and DFM for increasing regional investor access to listed trading shares and for improving liquidity.

In May this year, DFM became the majority owner of NASDAQ Dubai through an acquisition of shares from Borse Dubai and NASDAQ OMX, the international exchange group.ADNFCR-2019-ID-19883017-ADNFCR