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13/09/2010 00:00 AST
The UAE's bourse watchdog yesterday said its board had amended regulations, including the merger of brokerage companies, as the industry struggles with firm closures amid slumping market volumes.
The Securities and Commodities Authority (SCA) said its reconstituted board approved a memo amending certain regulations which call for "amalgamation" of brokerages to be in the form of either acquisitions or mergers.
Slumping market turnover is forcing some equity brokerages to cut staff or suspend operations as firms struggle to cope with costs and low revenue.
The resolution shall not take effect until after getting approval from the SCA and other concerned authorities.
The board also approved lowering the minimum number of broker representatives from four to two, according to SCA.
Brokers also need to contract a body licensed to practise securities custody activities, when trading in their own accounts, the new amendment stated.
It also gives rights to the SCA's chief executive officer to issue a final decision stopping any branch office operating without the Authority's approval from conducting any activity. SCA also approved cancelling licences of brokers InvestOne Financial Brokerage and Al Madina Financial and Investment Services Company. It cited failure of the companies to "rectify" their situation, but did not elaborate. More brokers are likely to shut this year, analysts warn, as domestic indices languish near 2010 lows.
Gulf Daily News
Ticker | Price | Volume |
---|---|---|
SABIC | 114.77 | 5,915,941 |
ADX 4,608.97
23.76 (0.52
DFM 3,091.15
-9.24 (-0.30
Ticker | Price | Change |
---|---|---|
EMIRATESNBD | 10.65 | 0.05 (0.47 |
EIB | 9.50 | 0.00 (0.00 |
EMAAR | 5.61 | -0.03 (-0.54 |
EMAARMALLS | 2.16 | 0.00 (0.00 |
DIB | 5.30 | 0.00 (0.00 |
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