Swiss regulator allows brokers to trade directly on DIFX
The financial services regulator in Switzerland has authorised brokers there to connect directly to the Dubai International Financial Exchange and trade its shares and other securities.
- United Arab Emirates: Sunday, July 15 - 2007 at 14:04
- PRESS RELEASE
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It is the fourth European country to allow brokers to trade directly on the DIFX, along with the UK, the Netherlands and the Irish Republic. These links enable the DIFX to offer greater accessibility to international investors than any other exchange in the region.
Per E. Larsson, Chief Executive of the DIFX, said: 'This agreement significantly strengthens the international links of the exchange, as Switzerland is a major international financial centre with brokers directly investing billions of dollars in overseas securities. They can now add DIFX securities to their portfolios.'
The decision by the Swiss Federal Banking Commission covers brokers that are domiciled there and allows them to apply to the DIFX to become Members of the exchange.
Brokers can also trade directly on the DIFX by setting up an office inside the Dubai International Financial Centre. In addition brokers anywhere in the world can trade indirectly on the exchange through a DIFX Member.
Hamed Ali, Executive Officer of the DIFX, said:
'The link with Switzerland creates a new route for international investors to access the exchange. It is another step towards creating an active trading environment for the benefit of all investors, both international and regional.'
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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, 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 and UBS.
Issuers on the DIFX: Equities - Albaraka Banking Group (ordinary shares), Boulder Steel (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), Monarch Gold Mining Company (ordinary shares), Rana Sugars (global depositary receipts); Bonds - DP World (Medium Term Notes), Dubai Holding Commercial Operations Group (Medium Term Notes), Kuwait Financial Centre S.A.K (Closed) (Notes), MashreqBank (Medium Term Notes), National Bank of Dubai (Medium Term Notes); Islamic products - Aabar Sukuk (Sukuk), Cherating Capital (Sukuk), DAAR International Sukuk (Sukuk), DIB Sukuk (Sukuk), DIFC Investments (Sukuk), Dubai World Sukuk (Sukuk), IIG Funding Ltd (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 (DFSA). The DIFX is located in the Dubai International Financial Centre (DIFC) and its owner is DIFC Investments.
Posted by Anne-Birte Stensgaard, Senior News EditorSunday, July 15 - 2007 at 14:04 UAE local time (GMT+4)
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