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DIFX allays concern on governance
The Dubai International Financial Exchange, that will begin trading on Monday, denied allegations yesterday made by a news agency that there were concerns about the governance of the exchange.
- By Arif Sharif, Staff Reporter
- Published: 00:00 September 23, 2005
The Dubai International Financial Exchange, that will begin trading on Monday, denied allegations yesterday made by a news agency that there were concerns about the governance of the exchange.
Dow Jones in an article published yesterday said a DIFX board member had accused DIFX's chairman and chief executive of violating good corporate governance practice and conflict of interest.
It said the board member had alleged that both men were involved in a financial consultancy, Bourse Consult, and the connection was not properly disclosed to the DIFX board.
But DIFX denied that this led to any concerns of corporate governance.
"DIFX rejects entirely allegations that there are concerns about the governance of the exchange.
"The governance of the exchange is being managed to high international standards as evidenced by the fact that the Dubai Financial Services Authority has just granted DIFX a licence to operate as an exchange within the Dubai International Financial Centre," it said in a statement.
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