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Transfer of Margin Financing Businesses between Clearing Members

Service ID
5.3.44

Details
Dubai Clear facilitates the transfer of both the Liability Sum and the Securities Margin Financing (SMF) between the Transferee Clearing Member and the Transferor Clearing Member upon the request of Clearing Members.

Fees

AED 25 plus 5% VAT per listed company in DFM.


Procedures
  1. Complete the Transferor request form entitled Transferor’s Request (Trading/Trading Clearing Member) to Transfer SecuritiesFinanced by Margin”and have signed by the transferor member and investor
  2. Complete the Transferor request form of Transferee’s Request (Trading/Trading Clearing Member) to Transfer SecuritiesFinanced by Margin”and havesigned by the transferee member and investor. In addition, attach certified a copy of the Margin Finance Transfer Agreement signed by the investor, the transferor and transferee members.
  3. Submit the completed formsto the Dubai Clear as the details below.
  4. Transferee member should pay the total liabilities and transfer fees to the Dubai Clear account with Emirates NBD bank.
  5. Dubai Clear will proceed with the transfer request after verifying the signatures, taking internal approval and upon receipt of the fees and total liabilities.
  6. Dubai Clear will then send instructions to the settlement bank to debit the Dubai Clear settlement account and to credit the Transferor settlement amount.
  7. The Dubai Clear will issue a receipt voucher for the Clearing Member.


Required Documents
  1. Completed Transferor request form Transferor’s Request (Trading/Trading Clearing Member) to Transfer SecuritiesFinanced by Margin”signed by the transferor member and investor.
  2. Completed Transferee request form of Transferee’s Request (Trading/Trading Clearing Member) to Transfer SecuritiesFinanced by Margin”signed by the transferee member and investor.
  3. A certified true copy (CTC) of the Transfer Financed Margin Agreement should be attached with the Transferee’srequest, which should be signed by the Transferor, Transferee and investor.
  4. Transferee member must pay the total liabilities to the Dubai Clear account with Emirates NBD bank (IBAN # AE380260000592063720902).
  5. Transferee to pay the transfer fees amount to the Dubai Clear account with Emirates NBD bank (IBAN # AE370260000412063720929).


How to Apply?
In person at the Dubai Clear , Dubai Clear , First Floor, World Trade Centre, Dubai., Registered Mail; address to the Dubai Clear, World Trade Centre, P.O. Box 9700, Dubai-,UAE.