The Securities and Commodities Authority (SCA) said it had granted approval to Emirates NBD as the first local institution permitted to conduct clearing activities in local financial markets.
The regulator also plans to separate clearing operations from settlement practices on the local exchanges as the body moves to enhance the UAE equity market’s position in MSCI, the index compiler.
Emirates NBD will be the country’s first "general clearing member," enabling it to perform clearing and settlement services for brokerage firms and their clients "after concluding a bilateral agreement to settle the accounts of the brokerage firm’s clients or the accounts of the firm."
"This agreement would regulate the business relation between both parties and the rights and liabilities of each party, as well as how to distribute the commission on them," the regulator said in a statement on its website yesterday.
SCA described the move as part of its efforts to position UAE financial markets for an upgrade to developed market status, it said. It said it hoped the licensing of Emirates NBD would encourage brokerage firms to convert their status to trading members from their current status of trading and clearing members.
jeverington@thenational.ae
Follow The National’s Business section on Twitter
Company%20Profile
The Orwell Prize for Political Writing
Twelve books were longlisted for The Orwell Prize for Political Writing. The non-fiction works cover various themes from education, gender bias, and the environment to surveillance and political power. Some of the books that made it to the non-fiction longlist include:
- Appeasing Hitler: Chamberlain, Churchill and the Road to War by Tim Bouverie
- Some Kids I Taught and What They Taught Me by Kate Clanchy
- Invisible Women: Exposing Data Bias in a World Designed for Men by Caroline Criado Perez
- Follow Me, Akhi: The Online World of British Muslims by Hussein Kesvani
- Guest House for Young Widows: Among the Women of ISIS by Azadeh Moaveni
Our commentary on Brexit
- Alistair Burt: Despite Brexit, Britain can remain a world power
- Con Coughlin: Choice of the British people will be vindicated
COMPANY%20PROFILE%20
The%20Boy%20and%20the%20Heron
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Company%20Profile
The specs
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
Company%20profile
Kanguva
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
Boston%20Strangler
if you go
The flights Fly Dubai, Air Arabia, Emirates, Etihad, and Royal Jordanian all offer direct, three-and-a-half-hour flights from the UAE to the Jordanian capital Amman. Alternatively, from June Fly Dubai will offer a new direct service from Dubai to Aqaba in the south of the country. See the airlines’ respective sites for varying prices or search on reliable price-comparison site Skyscanner.
The trip
Jamie Lafferty was a guest of the Jordan Tourist Board. For more information on adventure tourism in Jordan see Visit Jordan. A number of new and established tour companies offer the chance to go caving, rock-climbing, canyoning, and mountaineering in Jordan. Prices vary depending on how many activities you want to do and how many days you plan to stay in the country. Among the leaders are Terhaal, who offer a two-day canyoning trip from Dh845 per person. If you really want to push your limits, contact the Stronger Team. For a more trek-focused trip, KE Adventure offers an eight-day trip from Dh5,300 per person.
BUNDESLIGA FIXTURES
Friday (All UAE kick-off times)
Borussia Dortmund v Eintracht Frankfurt (11.30pm)
Saturday
Union Berlin v Bayer Leverkusen (6.30pm)
FA Augsburg v SC Freiburg (6.30pm)
RB Leipzig v Werder Bremen (6.30pm)
SC Paderborn v Hertha Berlin (6.30pm)
Hoffenheim v Wolfsburg (6.30pm)
Fortuna Dusseldorf v Borussia Monchengladbach (9.30pm)
Sunday
Cologne v Bayern Munich (6.30pm)
Mainz v FC Schalke (9pm)
More from this package
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs