Dubai bourses to draw closer

Borse Dubai, the majority owner of Dubai’s two stock exchanges, plans to integrate trading and clearing systems on the two bourses.

But it would need to overcome significant regulatory hurdles before a full merger would be possible between NASDAQ Dubai and the Dubai Financial Market (DFM), according to Jeff Singer, the chief executive of NASDAQ Dubai.

“The owner is rightfully saying, ‘Why do we have two trading systems instead of one, why do we have two back-up systems instead of one, and two clearing and two custody systems? We should bring all that together and make it one system,’” Mr Singer said.