29 May '11, 10am

Brokers ready for new settlement system -#Dubai FM

(Corrects headline to Dubai DFM, not Dubai FM) DUBAI, May 29 (Reuters) - Dubai Financial Market (DFM) said its brokers and custodians are fully ready to implement a new settlement system as the region seeks an upgrade to emerging market status from influential index complier MSCI. UAE's domestic bourses launched a new Deliver Versus Payment (DvP) settlement system, an international settlement standard, on April 28 but gave more time to participants to implement the system after a few concerns emerged. [ID:nLDE73R02F] "The introduction of this model reflects DFM's ongoing commitment to develop the exchange's infrastructure and adopt international best practices," Essa Kazim, Managing Director and CEO of DFM said in a statement. Market participants were given time till May 29 to implement the process. After snubbing the UAE for a second time in 2010, index compiler MSCI warn...

Full article: http://sg.news.yahoo.com/brokers-ready-settlement-system-...

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