Bourse operator Dubai Financial Market DFM.DU will switch to a 'delivery versus payment' (DVP) system by the first-quarter of 2011, in a bid by the United Arab Emirates to get emerging market status from index compiler MSCI.
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 Reuters on Wednesday.
'We are aiming for the first quarter of 2011, but if things go very smoothly it could be sooner than that,' said Kazim."
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