The link has established a mechanism that enables securities to be moved easily to and fro between the DIFX and other stock markets on which a DIFX stock is listed. It also enables a new tranche of a security already handled by Clearstream to be issued through the DIFX.
Jeffrey Tessler, CEO of Clearstream said: "We are delighted that the DIFX has chosen to use Clearstream's single window access to global markets to attract further listings. We will provide the DIFX with the capacity to settle transactions in a huge range of international and domestic securities in the 43 markets covered by our network."
Per E. Larsson, chief executive of the DIFX, said: "The link provides issuers with an efficient avenue to dual list their securities on the DIFX in addition to their home market. Investors will benefit as the range of securities on the DIFX expands."
Clearstream is the post trade services arm of Deutsche Börse Group, the world's largest exchange operations company when measured by revenues. It offers a comprehensive clearing, settlement and custody service for bonds both domestic and cross-border, equities and investment funds to over 2500 customers worldwide.
Hamed Ali, Executive Officer of the DIFX, said: "The DIFX is preparing for further significant primary listings from within its region as well as dual listings.
"Our connection with Clearstream is a significant step in our further integration with the international capital markets."
Robert Tabet, Head of Clearstream's Dubai office said "This link is further evidence of Clearstream's commitment to the DIFX and the rapidly growing region that it serves."
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DIFX creates link with Clearstream to facilitate more listings
- United Arab Emirates: Wednesday, April 18 - 2007 at 14:28
- PRESS RELEASE
The Dubai International Financial Exchange (DIFX) has created a link with Clearstream, the international central securities depository, that will facilitate more dual listings on the exchange.
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About DIFXThe 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 20 Members - ABN AMRO, Abu Dhabi Commercial Bank, Arbuthnot Securities, Barclays Capital, Citigroup, Credit Suisse, Deutsche Bank, EFG-Hermes, Hichens, Harrison & Co, HSBC, ING Bank NV, 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), Citigold Corporation (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 DIFC Investments.
www.difx.ae
About Clearstream
Clearstream International is the post trade services arm of Deutsche Börse Group, the world's largest exchange operations company when measured by revenues. It offers a comprehensive clearing, settlement and custody service for bonds both domestic and cross-border, equities and investment funds to a global customer base via straight-through processing and interoperability standards at all stages of the processing chain. It is based in Luxembourg.
Posted by Lara Lynn Golden, News EditorWednesday, April 18 - 2007 at 14:28 UAE local time (GMT+4)
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This article was updated on Fri Jun 15 2007.
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