Dubai Financial Market Honors “Task Force” In Charge Of UAE Market Upgrade To “Emerging Market” Status By MSCI

Dubai Financial Market (DFM) honored the “Task Force” assigned with handling the series of development plans which led to the UAE market upgrade to “Emerging Market” status by the MSCI. Essa Kazim, Managing Director & CEO of DFM applauded the efforts of the team members who have shown dedication which ultimately helped to develop the market infrastructure according to international best practices. Kazim reaffirmed his deep belief that this team is well qualified to continue these successes at a similar pace, as DFM is currently preparing for further development plans to be materialized in the future.

“DFM adopted enormous development plans years ago including the implementation of the Delivery versus Payment (DVP) in 2011, as well as reviewing and updating its procedures in line with this mechanism. The Task Force suggested and drafted regulations and work procedures, and submitted them to the Securities and Commodities Authority (SCA) including Securities Lending and Borrowing (SLB), Market Making, Short Selling, Liquidity Provision and trading of Rights Issues,” Kazim added.

“The upgrade of the UAE market to “Emerging Market” status by the MSCI is recognition from international institutions of the reliability of our market structure and the fulfillment of international investors’ requirements. We believe that this development will positively reflect on our market, in fact market activity over the past few months indicates this with foreign investors net in-flows reaching AED 1.5 Billion since the beginning of the year”, Kazim concluded.

Main developmental initiatives implemented by the DFM Task Force:

Implementation DVP mechanism;
Introduction of Buyer Cash Compensation;
Provide consultation to SCA’s SLB, Market Making, Short-Selling, Liquidity Provision regulations and trading of Rights Issues;
Implement Error Correction Procedures;
Reviewing and updating procedures in line with the market enhancements;
Corporate Action Payment Agent for DFM Listed Companies;
Implemented the iVESTOR Card Program.