• EMAARDisclosure of the Company regarding the pricing of shares of Emaar Development PJSC (under conversion)
  • AMANATResults of BOD meeting held by circulation
10:00
01 january 2014
Home > Products > Services Catalogue > Services Details

Reduction of Bank Guarantee Value

Details
If a brokerage company wishes to reduce its Bank Guarantee (BG), the brokerage company must request the issuer of their BG to submit an official letter to DFM to decrease the value of their BG.


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. Brokerage company to address the bank (BG Issuer) to reduce the current bank guarantee.
  2. The Bank (BG Issuer) sends an official letter to DFM CSD Division.
  3. DFM sends a no-objection of the BG reduction letter to the bank with a copy to the brokerage company.
  4. DFM records the data in the system T+4 from the date of preparing the letter.
  5. Bank receives the go-ahead letter.
  6. Bank sends changed BG value.
  7. Bank sends letter to DFM CSD Division with the new BG value.

Required Documents
  • An official letter from the bank (BG Issuer)  to be sent to the DFM CSD Division.

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

FAQs

The broker must coordinate with the Bank Guarantee issuing bank to send an official letter addressed to the Clearing & Settlement Department requesting DFM to issue a No Objection Letter for the reduction of the Bank Guarantee amount.