Dubai Financial Market (DFM) received a high level delegation of Muscat Securities Market and Muscat Clearing & Depository Company. The Omani delegation was briefed on DFM’s successful implementation of the new settlement system Delivery versus Payment (DvP). This visit reflects the strong relationship between DFM and both the Muscat Securities Market and Muscat Clearing & Depository Company. The meetings also explored opportunities for collaboration and to share knowledge. The two day visit included a tour of DFM’s various departments and the trading floor.
The 5 senior delegates attended a presentation on the successful implementation of DvP delivered by Maryam Mohammed Fikri, Senior Vice President, Chief Operating Officer, Head of Clearing, Settlement and Depository Division, Dubai Financial Market, in the presence of other DFM senior management officials. The presentation explained the various stages to smoothly introduce DvP including the operational procedures, the electronic clearing system modifications to cope with the DvP requirements and orientating brokerage firms and custodians on the new settlement system.
It is noteworthy that DFM went live with DvP on April 28th 2011, placing the exchange amongst leading regional markets adopting this internationally acclaimed mechanism.
Commenting on the visit, Maryam Mohammed Fikri said: “We are delighted to welcome the visiting delegation from the Sultanate of Oman. The Muscat Securities Market and Muscat Clearing & Depository Company are at the forefront of various regional and international exchanges and companies which DFM has kept close relations with since its inception in the year 2000. The delegates showed their enthusiasm and interest in our leading initiative to introduce DvP and we are confident that this visit will lead to further collaboration with both organizations in the near future.”