Market Link Guide - Dubai (Nasdaq Dubai)
CSD link as defined under CSDRa
Type of link
Indirect via Deutsche Securities and Services, Dubai Branch
a. CSD Regulation (EU) No 909/2014, Article 2(29).
Nasdaq Dubai Limited
Custodian: Deutsche Bank AG, acting through Deutsche Securities and Services, Dubai Branch.
Country of incorporation
United Arab Emirates
Custodian: Omnibus account.
Legal account name/holder
Deutsche Securities and Services, Dubai Branch holds an individually segregated account at the CSD for Clearstream Banking S.A.
Custodian: Clearstream Banking S.A. Nominee A/C.
|Settlement free of payment|
For NCBO transfers only.
|Settlement against payment|
Eligible settlement currencies can be either United States Dollar (USD) or UAE Dirham (AED), depending on the currency that the security trades in.
|Settlement against payment in central bank money account of CBL/CBL customers|
Against payment settlement takes place on the cash account of Deutsche Securities and Services, Dubai Branch.
Partial settlement is possible in forced settlement and buy-in scenarios.
|Settlement penalty fees|
|Refer to the Market Profile.|
Registration takes place automatically upon settlement.
|Multi Market Securities|
|Refer to the Multi-Market Securities Guide.|
|Lending and borrowing|
|Liquidity Hub Connect|
|Sale and purchase of rights|
|Internal. Refer to the CmaX Product Guide.|
|Refer to Investment Regulation.|
|Link eligible for use in Eurosystem credit operations|
Moment of entry of instructions
At the time of orders reaching Nasdaq Dubai.
Irrevocability of instructions
Order matching. Trade cannot be cancelled once confirmed at Nasdaq Dubai.
Finality of instructions
Securities transfer into account provided by buyer, cash credited into Nasdaq Dubai account.
The below section is based on the legal opinions obtained by CBL that were issued on 10 February 2021 (Dubai International Financial Centre (DIFC) law). The information is provided for guidance only and should not be considered in isolation or as constituting a complete or definitive legal advice on any specific matter.
No insolvency proceedings against the custodian
Confirmed re Deutsche Bank AG to the best of CBL’s knowledge.
Custodian’s liability for negligence
On the face of it, the custody agreement contains a suitable liability clause.
Book-entry regime with in rem rights at the custodian
A right akin to a right in rem is conferred. However, note that the terminology in DIFC Law does not precisely align with the concept of an in rem right.
Recognition of nominee concept at the custodian
While the concept of “nominee concept” is not recognised as such, DIFC laws provides with similar legal concepts of beneficial ownership and investment entitlements.
No right of retention for the custodian
Segregation of assets at the custodian
Confirmed. However, the CSD have a general right of retention and power of sale, as well as set-off rights.
No right of use at the custodian
No upper-tier attachment at the custodian
Insolvency of the custodian with no impact on CBL's rights
Shortfall pro-rated among holders at the custodian
Record keeping of at least 10 years
Settlement finality in case of insolvency, at the custodian