Market Link Guide – United Arab Emirates (Nasdaq Dubai)
Key features
CSD link as defined under CSDRa | Yes |
Type of link | Indirect via Deutsche Securities and Services, Dubai Branch |
a. CSD Regulation (EU) No 909/2014, Article 2(29).
CSD | Custodian | |
Name | Nasdaq Dubai Limited | Custodian: Deutsche Bank AG, acting through Deutsche Securities and Services, Dubai Branch. |
FATCA GIIN | Not available | Custodian: Y0M5J7.00000.BR.7848. |
LEI | 213800QL3V1PYPQMLU38 | Custodian: 7LTWFZYICNSX8D621K86. |
Country of incorporation | United Arab Emirates | Custodian: Germany. |
Account type | Omnibus account | Custodian: Omnibus account. |
Legal account name/holder | Deutsche Securities and Services, Dubai Branch holds an individually segregated account at the CSD for Clearstream Banking S.A. | Custodian: Clearstream Banking S.A. Nominee A/C. |
Operational arrangements
| Yes/No | Remarks | |
| Settlement free of payment | Yes | For NCBO transfers only. |
| Settlement against payment | Yes | Eligible settlement currencies can be either United States Dollar (USD) or UAE Dirham (AED), depending on the currency that the security trades in. |
| Settlement against payment in central bank money account of CBL/CBL clients | No | Against payment settlement takes place on the cash account of Deutsche Securities and Services, Dubai Branch. |
| Bridge settlement | No | |
| Shaping facility | No | |
| Partial settlement | Yes | Partial settlement is possible in forced settlement and buy-in scenarios. |
| Settlement penalty fees | Yes | Refer to the Market Profile. |
| Pre-matching | No | |
| Back-to-back processing | No | |
| Allegements | No | |
| Automatic compensation | No | |
| Registered securities | Yes | Registration takes place automatically upon settlement. |
| Multi Market Securities | Yes | Refer to the Multi-Market Securities Guide. |
| Lending and borrowing | No | |
| Proxy voting | Yes | |
| Investment Funds | Yes | |
| Liquidity Hub Connect | No | |
| Sale and purchase of rights | No | |
| Repo services | Yes | Internal. Refer to the CmaX Product Guide. |
| Market restrictions | Yes | Refer to Investment Regulation. |
| FTT | No | |
| Daily reconciliation | Yes | |
| Link eligible for use in Eurosystem credit operations | No |
Moment of entry of instructions | At the time of orders reaching Nasdaq Dubai. |
Irrevocability of instructions | Order matching. Trade cannot be cancelled once confirmed at Nasdaq Dubai. |
Finality of instructions | Securities transfer into account provided by buyer, cash credited into Nasdaq Dubai account. |
Local legislation
The below section is valid on the date of the legal opinions that were issued and might be subject to change. The information is provided for guidance only and should not be considered in isolation or as constituting a complete or definitive legal advice on any specific matter. The scope of the legal opinions is limited to the local legislation applicable to the relevant CSD (and intermediary, if any). For links using an intermediary located in another jurisdiction, please find a separate Local legislation section for the jurisdiction of the intermediary below. For clients accessing local markets via other Clearstream entities, please also review the Local legislation section in the relevant Market Link Guide for such Clearstream entity.
Local legislation of the CSD/intermediary | |
Date of legal opinion | 31 March 2024 |
Nature of rights on securities | Substantive law of the jurisdiction will govern the nature of the rights on the Securities. Rights on the securities are rights in rem. No differences in conclusions in case of sub-accounts for Clients within the Direct CSD Account. |
Recognition of nominee concept | Nominee concept recognised under local law. |
No right of retention to the CSD under local law | CSD does not have a lien or similar encumbrances on the securities under local law. |
No upper-tier attachments | Securities would not be subject to attachment. |
No right of use without prior consent | Laws of the jurisdiction restrict CSD from using securities without Clearstream’s prior consent. |
Segregation of assets at the CSD | CSD is under legal/regulatory obligation to segregate the securities held for each participant. |
Loss of assets | No general restrictions on ability to recover lost assets or on indemnification under local law. |
Ability to recover client assets in the event of insolvency of CSD | Securities would be recoverable. |
Ability to recover client assets in the event of insolvency of Agent | Securities would be recoverable in the event of insolvency of the Subcustodian. Claim to cash as a general creditor in case of insolvency of the Subcustodian. |
Shortfall pro-rated among holders | Shortfall in the securities may be allocated pro rata, but counsel noted certain nuances. |
Settlement finality in case of insolvency | Transfer orders are irrevocable and finality of settlement is assured. |