DIFC gets regulatory boss, first financial instrument

14 June 2002

The Dubai International Financial Centre (DIFC) has appointed Phillip Thorpe as the chief commissioner of its regulatory agency. Thorpe, a New Zealander, has previously served as both managing director of the London-based Financial Services Authority and chief executive officer of the London Commodity Exchange. The DIFC's regulatory agency is charged with ensuring the market maintains the highest standards of international financial practice and transparency (MEED 31:5:02).

The DIFC is also preparing for the arrival of its first instrument. The government of Malaysia has announced that the $500 million Malaysia Global Sukuk bond, expected in July, will initially be listed on the Luxembourg Stock Exchange and then listed on the DIFC when its market goes live in October. The DIFC is holding a roadshow in Dubai for the bond on 17 June that will be attended by senior Malaysian officials.

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