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UAE market regulator introduces new rule for brokerage firms

The UAE’s Securities and Commodities Authority (SCA) has approved a new regulation for brokers and amended two other regulations, Wam has reported. The 34-article regulation, which was prepared in coordination with the UAE markets and all other stakeholders and concerned bodies in the securities industry, classifies brokerage firms into those which engage in trading only, while the clearance and settlement operations are conducted through clearance members and those which engage in trading clearance and settlement operations for their clients.