UAE – Mubasher: The Dubai Financial Market Company (DFM Company) has officially received the regulatory license from the Securities and Commodities Authority (SCA) for its new depository company, the Dubai Central Securities Depository (Dubai CSD), as the first independent company for central securities depository services in the UAE.
The establishment of the Dubai CSD is part of a comprehensive reorganization plan for DFM’s post-trade services that further strengthens its leading position in driving the development of capital markets sector in the UAE and the region, according to Dubai CSD’s statement on Sunday.
The company is currently in the process of getting its operational framework ready to enable it to start operations shortly.
Once going operational, investors will be able to utilize all depository related services including the application for Investor Numbers (NINs), customer services, payment of cash dividend through the Dubai CSD.
“We are delighted to officially receive the SCA’s license of Dubai CSD, as the first step in the broader plan to revamp the post-trade services in line with international best practices of capital markets and post-trade services,” Essa Kazim, chairman of the DFM Company, commented.
He added that the reorganisation of DFM Company’s business units creates a solid foundation to achieve the objectives of its 2021 strategy, aiming to strengthen DFM’s active role in line with Dubai’s status as a centre of excellence and a dynamic capital markets hub.
“The new structure reinforces our ability to anticipate and address potential challenges as well as seizing potential opportunities in this dynamic and rapidly changing sector globally that brings with it opportunities as well as challenges,” the chairman said.
In March 2019, the DFM Company has announced the new organisational structure of post-trade services in conjunction with its 19th anniversary.
“The licensing of Dubai CSD is an important milestone in the journey of developing post-trade services in the UAE building upon DFM’s successes of superior customer service, which our market participants have experienced over the past years,” Maryam Fekri, managing director of the Dubai Central Clearing & Depository Holding (DCCD) and Dubai CSD, stated.
