U.A.E. Bourses to Give Brokerages More Time to Switch to DvP
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The United Arab Emirates’ stock exchanges will give brokerages until May 29 to switch to the so-called delivery-versus-payment system, one of MSCI Inc.’s criteria for the country’s upgrade to emerging market status.
“We have received a few concerns regarding the readiness level of the market participants,” said an Abu Dhabi Securities Exchange statement obtained by Bloomberg today. We “kindly ask custodians and brokers to confirm their readiness by no later than May 29.” The exchange itself “is ready to deal with the new model,” the statement said.