Dubai Bourse Welcomes Trading of NASDAQ Dubai Securities

11/07/2010 00:00 AST

Dubai Financial Market (DFM) on Sunday welcomed the commencement of the outsourcing agreement with NASDAQ Dubai. In the new partnership starting today, the trading, clearing, settlement and custody of NASDAQ Dubai securities will operate through the trading platform of DFM, the majority shareholder of NASDAQ Dubai. Hailing the new initiative, Chairman and CEO, Borse Dubai and Dubai Financial Market Essa Kazim said, "The consolidation will further diversify investment opportunities for over 567,000 DFM investors and increase the liquidity of NASDAQ Dubai." DFM had announced last December its intention to fully acquire NASDAQ Dubai by May this year. DFM - PJSC said in a statement today, it had completed the acquisition of two thirds of the shares of NASDAQ Dubai from Borse Dubai and NASDAQ OMX, the international exchange group. DFM (PJSC) will acquire the remaining third in due course. The successful completion of the outsourcing agreement marks a major development in the consolidation process between the two exchanges. Under the new arrangements, investors will be entitled to trade on both exchanges using one Investor Number (IN). Investors who do not have an Investor Number from DFM can apply to the exchange for their number free of charge, statement added.


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