The Dubai Financial Market announced yesterday the completion of the largest development process of its kind and the broadest technical structure throughout its history, through the successful transition to the integrated financial framework system (Nasdaq Financial Framework (NFF) from «Nasdaq», the leading global provider of capital market technologies, As of yesterday's trading session.
The market, in a statement, indicated that this system provides the Dubai Financial Market with the latest applications of trading, control, clearing and broadcasting information on a global level, which establishes its leading position in leading efforts to develop the financial markets sector in the UAE and the region.
He added that the new system is characterized by high flexibility, as it was designed to suit the needs of stock exchanges that manage trading platforms for multiple asset classes, and therefore it provides the best technical support structure to achieve the strategic objectives of the DFM in the long run, especially with regard to managing trading platforms of various types of securities. Finance, for example stocks, derivatives, debt instruments such as bonds and sukuk, investment funds, index funds, and others.
Issa Kazim, Chairman of the Dubai Financial Market Board, said: “In the context of preparing for the next 50 years of the UAE’s distinguished and successful march, we are pleased to make this qualitative shift in the Dubai Financial Market in a way that confirms its readiness for future growth, and dedicates its leadership in the field of employing the latest technology in financial markets. ».
On his part, Chief Operating Officer, Chief Operating Officer of the Market, Hassan Al-Sarkal, said, "The market is keen to explore modernization opportunities by taking advantage of the latest innovations and technologies, which enhances the efficiency of the systems used, and contributes to providing the best services to customers."
In turn, Mariam Fikry, CEO of Dubai Clearing and Depository Holding Company, said that “thanks to the new technical structure, the central clearing in the Dubai Financial Market has become the first in the world to implement the Nasdaq system, which is incorporated into the central cash clearing, as this mechanism is used Usually for derivative clearing business.