He was later transferred to Dubai Financial Market(DFM) advising DFM on post-trade and CSD-related matters including on the structure of the current DFM post trade subsidiaries. Prior to Dubai, he was the acting head of Exchange Operations and head of Clearing & Settlement Operations at Bursa Malaysia for its equities, derivatives, offshore market & bond market.
His experience with Bursa Malaysia include working with regional exchanges in Singapore and Hong Kong, and with the Malaysian securities regulator to ensure that Malaysia’s clearing & settlement infrastructure fully complies with the IOSCO’s assessment on Principle 30 based on the Recommendations for Securities Settlement Systems then. He also spent time as a regulator in supervision of markets where he was directly responsible for implementing Capital Adequacy Requirements for brokers and investor protection rules post the 1997 Asian financial crisis as part of the exchange’s enhancements of its front-line regulatory organization responsibilities. He oversaw the government’s policy decision to implement a mandatory segregated account regime and to ban short-selling during the financial crisis, and the subsequent re-introduction of regulated short-selling together with securities lending and borrowing 10 years later.
He was also a member of the pioneer team that implemented a depository system and the conversion of a scrip-based trading environment into a scripless dematerialized system. He worked on various other projects including the ASEAN trading link project during its start-up, Bursa Malaysia’s joint-venture with the Chicago Mercantile Exchange for the derivatives market and co-designed the operational framework for Bursa Suk Al-Sila, the world’s first successful web-based electronic commodity Murabaha trading platform.