NASDAQ Dubai: New internal settlement charge absorbed by Clearstream
NASDAQ Dubai has recently announced that they will charge 7 bps on customers’ over-the-counter (OTC) equities internal transfers/settlement, within our omnibus account at our depository, for which there are no corresponding on-exchange trades.
The 7 bps charge, which is imposed on both sides of the transaction (buyer and seller), is based on the value of the transaction and is calculated on the closing price of the transferred security on the day before execution of such transaction.
Such charge will take effect on 1 March 2013 and will be reviewed by NASDAQ Dubai three months after implementation.
However, in recognition of our customers' support on this link, we have made the decision to absorb this new charge. Subject to NASDAQ Dubai's further review, we will notify customers of any subsequent decision and/or any necessary next steps.
For further information, customers may contact Clearstream Banking1 Customer Service or their Relationship Officer.
1. Clearstream Banking refers collectively to Clearstream Banking AG, registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in the Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500 (CBF) and Clearstream Banking, société anonyme, registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Register of Commerce and Companies under number B-9248 (CBL).
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