Part of an effort to gain emerging market status
The Dubai Financial Market plans to switch to a “delivery versus payment” (DVP) system in an effort to gain emerging market status from index compiler MSCI, Reuters has reported. The DFM is working with the UAE regulator, the Securities and Commodities Authority (SCA), as well as the Abu Dhabi Securities Exchange (ADX) to bring in the new rules, Essa Kazim, DFM’s chief executive, told the news service. “We are aiming for the first quarter of 2011, but if things go very smoothly it could be sooner than that,” he said.
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