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Omnibus account solution for Clearstream customers via the DFM operating platform. Investors holding securities via an alternative arrangement using a global custodian and a local sub-custodian in the UAE will be required to follow the standard settlement flow for all DFM securities.

FOP transfers following the change of local custodian are permitted, but require specific transfer documentation to be completed following the submission of settlement instructions. Local custodians receive and process settlement instructions received up until If a settlement instruction is missing and has not been received for a given transaction or not matching, then the custodian has the possibility to reject the transaction by close of business.

The local custodian notifies the exchange by This needs to be at The fund transfer takes place electronically between settlement banks appointed by the exchange and clearing banks appointed by the local custodian. If a NASDAQ Dubai member wishes to provide settlement facilities on behalf of its clients, it must appoint a settlement bank for the purpose of cash settlement obligations.

The settlement of trades executed via the DFM trading system is mandatory and the mechanism does allow for fails or buy-ins. Once executed and matched on the trading system by brokers, settlement accounts covered by a NIN will be debited for securities in the event of a sale or credited with securities in the event of a purchase in favour of the NINprovided there are no rejections by the local custodian. NASDAQ Dubai has drafted procedures to address the potential problem of transaction discrepancies errors, mismatched and unconfirmed transactions executed by local brokers for a specific omnibus NIN.

However, to mitigate this, the ND model does allow for shares to be placed into a custody account and moved across to the agent account when executions are requested. This can result in opportunity costs as there may be a time delay in passing messages to get stock into the correct place to execute. The local custodian does not receive a settlement instruction from the investor via Clearstream by market deadline of The rejection of partial trades is not permitted.

However, the investor will be subject to penalty charges imposed by the exchange and passed on via the custodian. Under DFM regulations, OTC transactions for exchange members may be negotiated off-exchange but the resulting trade must take place on-exchange.

Therefore, Clearstream customers will be required to cross external transactions on the DFM trading platform via their brokers. Brokers will also be required to report these transactions to the exchange. The Dubai market is fully dematerialised. The DFM mechanism requires pre-validation of available securities and mandatory settlement at the point of trade execution on the exchange. Investors must ensure that a purchase order is initiated first prior to a sell order being placed via a local broker as all sell orders are validated against the availability of the NIN.

Back to page Print. The custody is only accessible to the custodian and the CSD itself that is, not the broker. The account is used for the safekeeping of securities. Clearstream customers are required to advise their brokers of the NIN number when placing a trade with a broker.

Purchased securities are received into this account before the subcustodian can transfer them to the custody account. Likewise, securities to be sold are transferred onto this account from the custody account in order for the transaction to take place. Securities are not available for trading while they are held in the custody account. The Custodian responsible for the NIN is required to grant a specific broker access to the NIN; certain custodians grant this access on the condition that the broker enters into an SLA with them to govern the brokers access, liabilities and responsibilities.

T Investors purchase or sell securities via their broker. When placing their orders, brokers are required to quote the NIN of their customer on their instructions. Investors apply for a NIN via a local custodian and thereby appoint a local custodian access over the NIN and associated accounts. Designated brokers have access to their specific trading account at Clearstream's subcustodian for the purposes of executing trades.

Following trade execution, brokers receive confirmations from X-Stream and these are provided back to their customers. At the close of trading at If this too fails, a cash close-out will be calculated on the basis of the outstanding unsettled quantity against the NIN holder at the original traded price.

This document also outlines the process that will be employed by the NASDAQ Dubai to recover securities sold erroneously and for which no valid settlement instructions have been sent by a Custodian's clients. A letter of undertaking to be entered into by Clearing Members brokers and the Settlement Agent local Custodian.

If the trade remains unsettled due to a lack of settlement instructions being sent to the local custodian, then the broker will follow up with the investor, its client, in order to ensure that this is done. The CSD corrects the broker and NIN positions at market level and, in the case of sale trades, releases the pending covered call option writing strategies and results. Once this has been done this, the shares become unblocked but the end line client can no longer send instructions for the original trade.

Entering into a mandatory buy-in on behalf of the broker: Investors purchase or sell securities via their broker. Local custodians receive settlement instructions from the investor via Clearstream.

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