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10:00
01 january 2014
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Broker Financial Penalties

Details

1- The Financial Penalty is applied on brokerage companies for amounts unsettled (full or partial amount) as on the settlement date (T+2) till 09:30 A.M. A Penalty of AED 10,000 for each AED 20,000,000 due is applied for each late settlement date, the penalty is doubled.

 

2- Financial Penalty of AED 5,000 will be imposed in case the broker defaulted to pay the exceeded amount (AED 50,000 or more) over the bank guarantee that he is permitted to trade by maximum 09:30 am on (T+1).


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


Fees

1- Due Penalties In AED / Settlement Default Amount Range in AED

10,000 / 1 - 20,000,000

20,000 / 20,000,001 - 40,000,000

30,000 / 40,000,001 - 60,000,000

40,000 / 60,000,001 - 80,000,000

50,000 / 80,000,001 - 100,000,000

((By this, the settlement penalty is increased by AED 10,000 for each AED 20,000,000 of settlement amount))

2- Penalty of AED 5,000 (T+1)



Procedures
Penalty amount will be directly deducted from broker’s settlement account. 

Required Documents
N/A

How to Apply?
N/A

FAQs

Yes. The client can send settlement by providing matched settlement instructions within the Late Confirmation Period, therefore beginning T+2 and ending on T+4, provided the Local Broker has not settled the sale rejection.