DIFX expects to increase its listings to 25 by 2006-end

DUBAI — The Dubai International Financial Exchange (DIFX) expects to increase the number of primary and secondary listings (from the present 9) to 25 by the end of 2006, a senior official said yesterday.

By M. A. Qudoos

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Published: Tue 20 Jun 2006, 10:43 AM

Last updated: Sat 4 Apr 2015, 3:25 PM

Fadi Ghosaini, head of business development, said that around 20 member firms are expected by the end of Q3 2006, and a total of 30 member firms by the end of 2006.

Fadi was making a detailed presentation of DIFX business model at a joint meeting of the members of the Iranian Business Council and Pakistan Business Council, in Dubai. He said that the DIFX also planned to launch derivatives soon.

The event provided an opportunity to learn about the Dubai International Financial Centre and the DIFX market, products and investment opportunities as the exchange prepares for its next phase of growth.

The presentation also covered the regulatory framework, legal structure and how to gain access to the market.

The event was one of a series being held this year by the DIFX for bankers, business people, lawyers, accountants and other stakeholders across the Middle East and beyond.

The DIFX, launched in September 2005, expects a substantial number of significant equity, bond and other listings in coming months. Giving the progress since the launch, Fadi said that Standard Chartered Bank, HSBC, Deutsche Bank, ADCB & KAS Bank are sub-custodians; KAS Bank, Deutsche Bank AG and Merrill Lynch are General Clearing Members; Standard Chartered Bank and HSBC are licensed and active settlement banks while additional banks are in preparation; and Market Makers contracts are currently under negotiation with leading Investment banks.

He said that DIFX was focusing on listings from the regional market and talks were in advanced stage with some of UAE's family businesses.

Fadi said that the DIFX was established on a custom built regulatory and physical infrastructure focused on accommodating the financial services industry while the DIFC created a hub of financial activity and expertise.

He said that the Dubai Financial Services Authority for introducing internationally recognised standards of regulation governing the workings of the DIFX, which has created partnerships with some of the most respected providers of financial systems to make the market work.

He said that the DIFX envisages to have links with a number of international CSDs.

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