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Home > Products > Services Catalogue > Services Details

Changing the Settlement Account

Details
The brokerage company can request to move the Settlement Account from the bank they are dealing with to another settlement bank affiliated with the DFM.


For more information on this service, please contact:
DFM Customer Services
T: +971 4 305 5555
E: customerservice@dfm.ae

Fees
Free of charge

Procedures
  1. Submit a letter of commitment to pay all dues towards the current settlement bank.
  2. Send an official letter addressed to CSD Division Head indicating the following:
    • The new settlement account number with the new settlement bank.
    • Specify the date on which the settlement with the new settlement bank will start.
    • Letter of commitment settling all dues.
  3. CSD Division Head reviews submitted documents.
  4. Submit a copy of the letter of commitment to the new settlement bank (indicating the new settlement account is in US$ and AED) or send a letter of commitment not to trade in US$ (if the broker does not have an account in US$).
  5. CSD Division Head approves request.
  6. Settlement account changed. 

Required Documents
  1. An official Letter addressed to the CSD division head with the request.
  2. A copy of the letter of commitment sent to the new settlement bank.
  3. A letter of commitment of not trading in US Dollars.

How to Apply?
Online through DFM eServices or in person at the DFM Clearing and Settlement Department, Trading Floor, World Trade Centre, Dubai

FAQs

If the Broker desires to change settlement bank and deal with the other DFM settlement banks, they must follow the steps below:
  1. Send an official letter addressed to the Clearing & Settlement Department stating the following:
    • Settlement Account Number with the New Settlement Bank
    • Determine the date on which the settlement will commence with the New Settlement Bank
    • Undertake to pay all of its obligations with the Current Settlement Bank
  2. Send a copy of the undertaking letter that is addressed to the New Settlement Bank (Stating the new settlement account in AED and USD).
  3. Send a copy of the new Settlement Bank’s letter confirming the settlement account number and the brokerage company name.
  4. Send an undertaking letter addressed to the DFM of not trading in dollars (in case the broker does not wish to open a dollar account).