A deadline approaches this week to determine whether the UAE and Qatar have done enough to secure an upgrading to "emerging market" status by MSCI Barra - with wary traders feeling a sense of deja vu.
Both countries' markets are classified as "frontier" by the index provider, largely because of undeveloped market infrastructure, despite per-capita wealth levels higher than in some developed markets.
In June, MSCI declined to upgrade either market, saying more time was needed to ensure the smooth functioning of the then newly introduced delivery-versus-payment mechanism (DvP), which ensures that payment is made the same day that an investor trades a share.
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