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Dubai Financial Market (DFM) received a high-level delegation of five senior officials from the capital market sector in the Sultanate of Oman. The Omani delegation was updated on DFM’s numerous clearing and settlement mechanisms and procedures in line with international best practices including; the successful implementation of Delivery versus Payment (DvP). This visit reflects the strong links between DFM and capital market institutions in Oman. The two-day visit explored opportunities for collaboration and knowledge sharing and included a tour of DFM departments and trading floor.
The delegates from Capital Market Authority, Muscat Securities Market and Muscat Clearing & Depository Company have attended series of presentations delivered by DFM senior officials that included the seamless implementation of DvP, its operational procedures and the electronic clearing system modifications required. Additionally, the presentations covered DFM clearing and settlement proficiencies in general, procedures of accepting banks as clearing members, operational and clearing risk management mechanisms as well as Securities Lending & Borrowing (SLB).
The visit stems from DFM’s commitment to share its expertise with capital market institutions in other countries as well as enthusiasm of officials in Oman to get updates on DFM’s successful experience in implementing numerous capital market procedures.
Maryam Mohammed Fikri, Executive Vice President, Chief Operating Officer, Head of Clearing, Settlement and Depository Division, DFM, said: “We are delighted to welcome the delegation from the Sultanate of Oman, noting that DFM maintains strong relationship with Muscat Securities Market, Muscat Clearing & Depository Company and Capital Market Authority since DFM’s inception in the year 2000. We are committed to put our experiences at the disposal of capital market institutions in other countries and the delegates were interested to gain knowledge on DFM’s experience in implementing the DvP. DFM is successfully employing the DvP since 2011, in a pioneering step amongst regional markets. The adoption of this mechanism as well as numerous arrangements such as “Buyer Cash Compensation, “Direct Market Access”, “Margin Trading” and “Market Making” further created a comprehensive market infrastructure in line with best practices, eventually leading to the upgrade of the UAE to “Emerging Market” status by international companies including “MSCI” and S&P Dow Jones”.
