The decision by the Netherlands Authority for the Financial Markets (AFM), in conjunction with the Netherlands Finance Ministry, creates a new route for brokers to join the DIFX as a Member. Previously Members needed to be located either inside the Dubai International Financial Centre (DIFC), or in Britain.
Brokers based anywhere may also trade on the DIFX, through a relationship with a Member.
Per E. Larsson, Chief Executive of the DIFX, said: 'Brokers in the Netherlands have expressed an interest in trading directly on the DIFX to meet investor demand as the range of securities on the exchange grows. The decision by the AFM underlines the international quality of the legal, regulatory and supervisory standards that govern trading on the DIFX, the region's international exchange.
'The DIFX is also in discussion with financial regulators in a number of European and other countries, as demand for direct access by brokers increases. The DIFX is steadily expanding its international links with regulators, brokers and investors.'
The DIFX will provide the AFM with information regarding which Netherlands brokers join the exchange, the functioning of the DIFX market, any breaches of DIFX rules, and trading volumes.
Hamed Ali, Executive Officer of the DIFX, said: 'The DIFX's relationship with the AFM is a further step towards creating a thriving trading environment in an attractive range of securities, for the benefit of wholesale and retail investors.'
'As the DIFX prepares for new listings of securities in 2007, its technological and regulatory connections with the financial services community are rapidly strengthening.'
Netherlands regulator allows brokers to directly access DIFX
The financial services regulator in the Netherlands has agreed to allow brokers there to connect directly to the Dubai International Financial Exchange (DIFX) and trade securities, in a decision that strengthens the international links of the exchange.
- United Arab Emirates: Thursday, January 18 - 2007 at 13:14
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About DIFX:The DIFX is the region's first international financial exchange for equities, bonds, Islamic products, funds, index products and (subject to regulatory approval) derivatives. The target areas of the DIFX for seeking issuers include the Middle East and North Africa, as well as South Africa, Turkey and the Indian sub-continent.
The exchange launched in September 2005 and currently has 18 Members - ABN AMRO, Abu Dhabi Commercial Bank, Barclays Capital, Citigroup, Credit Suisse, Deutsche Bank, EFG-Hermes, Hichens, Harrison & Co, HSBC, Jefferies International, KAS BANK, Morgan Stanley, Merrill Lynch, Mashreq Capital (DIFC), NBD Investment Bank, SHUAA Capital, Standard Chartered and UBS.
Issuers on the DIFX include: Equities - Albaraka Banking Group (ordinary shares), Fortune Management (ordinary shares), Gold Fields (American depositary shares), Hikma Pharmaceuticals (global depositary receipts), Kingdom Hotel Investments (ordinary shares), Man Industries (India) (global depositary receipts), Rana Sugars (global depositary receipts); Bonds - MashreqBank (Euro Medium Term Notes), National Bank of Dubai (Euro Medium Term Notes); Islamic products - Aabar Sukuk (Sukuk), Nakheel Development (Sukuk), Ports, Customs and Free Zone Corporation (Sukuk), TID Global Sukuk (Sukuk); Structured Products - Deutsche Bank (certificates over indices).
The regulator of the DIFX is the Dubai Financial Services Authority. The DIFX is located in the Dubai International Financial Centre (DIFC) and its owner is the DIFC Authority.
Media enquiries:
Amira Abdulla
Dubai International Financial Centre
Tel: +971 4 362 2433
Mark Fisher
Dubai International Financial Exchange
Tel: +971 4 361 2220
Posted by Janeta Novakovic, Assistant News EditorThursday, January 18 - 2007 at 13:14 UAE local time (GMT+4)
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This Article was updated on Monday, April 30 - 2007
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