Nasdaq Dubai awaits approval to switch to DFM platform
04 Jun 2010
(MENAFN) Nasdaq Dubai announced that all trading of its listed equities will take place through the X-Stream trading platform of Dubai Financial Market (DFM) effective June 27, but this is still subject to final regulatory approval.
This move comes as part of an outsourcing strategy to boost trading volumes on Nasdaq Dubai and strengthen Dubaiï¿½s role as a centre for international capital markets activity.
Meanwhile, clearing, settlement and custody functions for Nasdaq Dubai equities will also migrate to DFMï¿½s systems.
In a press statement, Nasdaq Dubaiï¿½s regulator, Dubai Financial Services Authority (DFSA), said that it had no objection in principle to the outsourcing, which was announced in December last year.
It is worth mentioning that FM lately became the majority owner of Nasdaq Dubai through an acquisition of shares from Borse Dubai and Nasdaq OMX, the international exchange group.
Chief Executive of Nasdaq Dubai, Jeff Singer, said that combined with Nasdaq Dubaiï¿½s international regulatory standards and connections with international investors, this will create a powerful listing and trading hub that in is unique in the GCC. Issuers can choose which exchange to list on according to their commercial and regulatory needs, he said.