Dubai: The Abu Dhabi Securities Exchange said on Sunday it has issued new law for trading, clearing and depositary system for its investors.
“This law will determine the best practices in the financial markets in order to achieve specific tasks market works that reflect and confirm the strength and durability of the economic situation of the United Arab Emirates,” the exchange said in a statement.
This law was approved at its last meeting after a thorough discussion chaired by Hamad Abdullah Al Shamsi and membership Excellencies both Khalifa Salem Al Mansouri, Ahmad Jassem Al Zaabi, and Muhammad Najm Al Qubaisi, and Khalifa Ali Al-Qamzi, and Ghannam Butti Al Mazroui.
“The clearing management will conduct clearing operations and settlement of trades that are in the market for the securities to calculate the clearing members, in order to determine the net rights and obligations of each of them, and the settlement of emerging centres for deposited securities trading has, and transfer ownership, and by e-limitation,” the statement said.
The clearing member may increase the trading ceiling allowed him through one of the following ways increase the value of the bank guarantee, or provide additional bank guarantee, the statement added.