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DFM implements Pre-Closing Session as of 14th May 2014

: Sunday, May 11 - 2014 @ 14:23

Dubai Financial Market (DFM) today announced that it will implement a Pre-Closing Session mechanism to determine the Closing Price of Equity and Debt Securities traded on DFM as of Wednesday, 14th May 2014. This step is part of DFM’s constant efforts to further enhance market infrastructure in line with the international best practices as most of developed exchanges implement this mechanism.

The Pre-Closing Session is timely introduced ahead of the inclusion of UAE to MSCI’s Emerging Market category with a considerable segment of institutions, especially passive investors, track the index, hence this mechanism will attract them and facilitate their activities as it further enhances the calculation process of closing price, index as well as portfolio valuation given that it eliminates last trade price factor in case it was not sensible.

The Pre-Closing Session will run for 10 minutes from 13:50 to 14:00. The Go-Live follows extensive arrangements and coordination with brokerage firms as DFM has circulated to them April 13th 2014 to ensure their readiness.

The Pre-Closing Session enables brokers to place orders at the investor’s per-defined price and the orders are accumulated for execution by market closing at 2 PM. The execution price is considered the closing price of the share.

For further information, please contact:
Atef Fathy
Vice President- Head of Media & Public Relations
Dubai Financial Market
Tel: 04-3055334

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Sunday, May 11- 2014 @ 14:23 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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