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01 january 2014
Home > Products > Services Catalogue > Services Details

Transfer of Margin Financing Businesses between Clearing Members

Service ID
5.3.44

Details
DFM 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 Securities Financed 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 Securities Financed by Margin” and have signed 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 forms  to the DFM Clearing and Settlement Department.  Details below.
  4. Transferee member should pay the total liabilities and transfer fees to the DFM account with Emirates NBD bank.
  5. CSD will proceed with the transfer request after verifying the signatures, taking internal approval and upon receipt of the fees and total liabilities.
  6. CSD will then send instructions to the ettlement bank to debit the DFM settlement account and to credit the Transferor settlement amount.
  7. The Clearing and Settlement Department 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 Securities Financed by Margin” signed by the transferor member and investor.

  2. Completed Transferee request form of Transferee’s Request (Trading/Trading Clearing Member) to Transfer Securities Financed 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’s request, which should be signed by the Transferor, Transferee and investor.

  4. Transferee member must pay the total liabilities to the DFM account with Emirates NBD bank (IBAN # AE380260000592063720902).

  5. Transferee to pay the transfer fees amount to the DFM account with Emirates NBD bank (IBAN # AE370260000412063720929).


How to Apply?
In person at the Clearing and Settlement Department, Dubai Financial Market, First Floor, World Trade Centre, Dubai., Registered Mail; address to the Clearing and Settlement Department, Dubai Financial Market, World Trade Centre, P.O.Box 9700, Dubai-,UAE.