Market Link Guide - Dubai (NASDAQ Dubai)

21.03.2019

Key features

CSD link as defined under CSDRa

Yes

Type of link

Indirect via Deutsche Bank AG, Amsterdam branch and sub-deposited at Deutsche Securities and Services Dubai

a. CSD Regulation (EU) No 909/2014 art. 2 (29)


CSD

Custodian

Name

Nasdaq Dubai Limited

Custodian: Deutsche Bank AG, Amsterdam branch

Sub-custodian:  Deutsche Securities and Services Dubai

FATCA GIIN

Not available

Custodian: Y0M5J7.00000.BR.528

Sub-custodian: Not available

LEI

213800QL3V1PYPQMLU38

Custodian: 7LTWFZYICNSX8D621K86

Sub-custodian: 7LTWFZYICNSX8D621K86

Country of incorporation

United Arab Emirates

Custodian: Netherlands

Sub-custodian: United Arab Emirates

Account type

Omnibus account

Custodian: Omnibus account

Sub-custodian: Omnibus account

Legal Account name / holder

Deutsche Securities and Services Dubai holds individually segregated account at the CSD for Clearstream Banking SA

Custodian: Clearstream Banking SA

Sub-custodian: Deutsche Bank AG for Clearstream Banking SA

Operational arrangements

 Yes/NoRemarks
Settlement free of paymentYes For NCBO transfers only.
Settlement against paymentYesEligible 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 customersNoAgainst payment settlement takes place on the cash account of Deutsche Bank AG, Amsterdam branch.
Bridge settlementNo 
Shaping facilityNo 
Partial settlementYesPartial settlement is possible in forced settlement and buy-in scenarios.
Settlement penalty feesYesRefer to the Market Profile.
Pre-matchingNo 
Back-to-back processingNo 
AllegementsNo 
Automatic compensationNo 
Registered securitiesYesRegistration takes place automatically upon settlement.
Multi Market SecuritiesYesRefer to the Multi-Market Securities Guide.
Lending and borrowingNo 
Proxy votingYes 
Investment FundsNo 
Liquidity Hub ConnectNo 
Sale and purchase of rightsNo 
Repo servicesYesInternal. Refer to the CmaX Product Guide.
Market restrictions YesRefer to Investment Regulation.
FTTNo 
Daily reconciliationYes 
Link eligible for use in Eurosystem credit operationsNo 

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.

Legal Arrangements

The below section is based on the legal opinions obtained by CBL that were issued on 4 November 2018 (Dubai International Financial Centre (DIFC) law) and 30 January 2019 (Dutch 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

Custodian’s liability for negligence

Deutsche Bank AG, Amsterdam branch is not immune for any legal action of CBL as account holder

Book-entry regime with in rem rights at the custodian/sub-custodian

Deutsche Bank AG, Amsterdam branch: the laws of the Netherlands provide for a book-entry regime for the transfer of fungible securities deposited with the Deutsche Bank AG, Amsterdam branch, thereby conferring to CBL a right in rem on title on the securities credited from time to time to the account opened with such Custodian.

Deutsche Securities and Services Dubai: under DIFC laws, the right in rem is not recognised as such but under the concept of “personal property law” which leads local counsels to consider that comparable level of protection appear to be provided. 

Recognition of nominee concept at the custodian/sub-custodian

Deutsche Bank AG, Amsterdam branch: confirmed

Deutsche Securities and Services Dubai: 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/sub-custodian

Deutsche Bank AG, Amsterdam branch: confirmed

Deutsche Securities and Services Dubai: confirmed

Segregation of assets at the custodian/sub-custodian

Deutsche Bank AG, Amsterdam branch: confirmed

Deutsche Securities and Services Dubai: confirmed

No right of use at the custodian/sub-custodian

Deutsche Bank AG, Amsterdam branch: confirmed

Deutsche Securities and Services Dubai: confirmed

No upper-tier attachment at the custodian/sub-custodian

Deutsche Bank AG, Amsterdam branch: confirmed

Deutsche Securities and Services Dubai: confirmed

Insolvency of the custodian with no impact on CBL's rights

Insolvency of the sub-custodian with no impact on the custodian’s rights

Deutsche Bank AG, Amsterdam branch: confirmed

Deutsche Securities and Services Dubai: confirmed

Shortfall pro-rated among holders at the custodian/sub-custodian

Deutsche Bank AG, Amsterdam branch: confirmed

Deutsche Securities and Services Dubai: confirmed

Record keeping of at least 10 years

Deutsche Bank AG, Amsterdam branch: confirmed

Deutsche Securities and Services Dubai: DIFC laws require a minimum of 6 years

Settlement finality in case of insolvency, at the custodian/sub-custodian

Deutsche Bank AG, Amsterdam branch: no confirmation obtained from relevant local counsels

Deutsche Securities and Services Dubai: DIFC laws appear to provide the similar relevant protections.