UAE domestic bourses will launch a new settlement system on April 28, the country's regulator said on Monday, a key step that will bolster the country's chances of earning MSCI emerging market status.
Dubai Financial Market DFM.DU .DFMGI and Abu Dhabi Securities Exchange .ADI will adopt a Deliver Versus Payment (DvP) system -- the global standard -- the Securities and Commodities Authority (SCA) said.
After snubbing the UAE for a second time in 2010, index compiler MSCI warned domestic bourses must change from dual account structures such as separate custody and trading accounts.
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