Market Link Guide - Dubai (Nasdaq Dubai)
Key features
CSD link as defined under CSDRa | Yes |
Type of link | Indirect via Deutsche Securities and Services, Dubai Branch |
a. CSD Regulation (EU) No 909/2014 art. 2 (29)
CSD | Custodian | |
Name | Nasdaq Dubai Limited | Custodian: Deutsche Securities and Services, Dubai Branch |
FATCA GIIN | Not available | Custodian: Y0M5J7.00000.BR.7848 |
LEI | 213800QL3V1PYPQMLU38 | Custodian: 7LTWFZYICNSX8D621K86 |
Country of incorporation | United Arab Emirates | Custodian: United Arab Emirates |
Account type | Omnibus account | 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 |
Operational arrangements
| Yes/No | Remarks | |
| Settlement free of payment | Yes | For NCBO transfers only. |
| Settlement against payment | Yes | 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 | No | Against payment settlement takes place on the cash account of Deutsche Securities and Services, Dubai Branch. |
| Bridge settlement | No | |
| Shaping facility | No | |
| Partial settlement | Yes | Partial settlement is possible in forced settlement and buy-in scenarios. |
| Settlement penalty fees | Yes | Refer to the Market Profile. |
| Pre-matching | No | |
| Back-to-back processing | No | |
| Allegements | No | |
| Automatic compensation | No | |
| Registered securities | Yes | Registration takes place automatically upon settlement. |
| Multi Market Securities | Yes | Refer to the Multi-Market Securities Guide. |
| Lending and borrowing | No | |
| Proxy voting | Yes | |
| Investment Funds | No | |
| Liquidity Hub Connect | No | |
| Sale and purchase of rights | No | |
| Repo services | Yes | Internal. Refer to the CmaX Product Guide. |
| Market restrictions | Yes | Refer to Investment Regulation. |
| FTT | No | |
| Daily reconciliation | Yes | |
| Link eligible for use in Eurosystem credit operations | No |
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). 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 | To be confirmed. |
Book-entry regime with in rem rights at the custodian | Deutsche Securities and Services, Dubai Branch: 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 | Deutsche Securities and Services, Dubai Branch: 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 | Deutsche Securities and Services, Dubai Branch: confirmed |
Segregation of assets at the custodian | Deutsche Securities and Services, Dubai Branch: confirmed |
No right of use at the custodian | Deutsche Securities and Services, Dubai Branch: confirmed |
No upper-tier attachment at the custodian | Deutsche Securities and Services, Dubai Branch: confirmed |
Insolvency of the custodian with no impact on CBL's rights | Deutsche Securities and Services, Dubai Branch: confirmed |
Shortfall pro-rated among holders at the custodian | Deutsche Securities and Services, Dubai Branch: confirmed |
Record keeping of at least 10 years | Deutsche Securities and Services, Dubai Branch: DIFC laws require a minimum of 6 years |
Settlement finality in case of insolvency, at the custodian | Deutsche Securities and Services, Dubai Branch: DIFC laws appear to provide the similar relevant protections. |