Securities lending still on the cards in Dubai 22 June 2011Dubai Reporter: Justin Lawson
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Dubai Financial Market (DFM) continues its relentless efforts to further develop the market infrastructure as planned, despite MSCI's decision to extend the review period for a potential upgrade of the UAE to "Emerging Markets" status to December 2011.
Essa Kazim, Managing Director and CEO, Dubai Financial Market (PJSC) said: "We are confident that we have set the market on the right track by introducing numerous enhancements including the introduction of the "Delivery versus Payment" (DvP) mechanism. Market participants widely recognized DFM's efforts to lay out the necessary frameworks for various enhancements that led to meeting the upgrade criteria. We will carry on with our market enhancement plans including the introduction of Short-Selling and Securities Borrowing and Lending whilst market participants assess the developments over the coming months."
"DFM spared no effort and has taken numerous initiatives to lay out the necessary frameworks for various market enhancements. Additionally, we have been actively engaged in productive discussions with various market participants including custodians and institutional investors via a series of meetings held in the global financial centers. The aim of these meetings was not only to explain measures taken, but also to listen to their remarks and feedback on further initiatives to follow in the future," Kazim added.
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