Nasdaq Dubai hereby informs its Members that as part of improving market infrastructure, and providing easier access to its equity brokers and vendors, all Derivatives Contracts traded on Nasdaq Dubai will trade on DFM X-stream trading platform post the re-launch.
Following this change, all existing products traded on Nasdaq Dubai will trade on DFM X-stream trading platform. Expected date of this migration is 26th July 2015. Nasdaq Dubai will announce the final date of migration to the DFM X-stream trading platform in due course.
Note that Nasdaq Dubai is only outsourcing its trading system function to Dubai Financial Market. Clearing will continue to take place on Nasdaq Dubai's Clearing system. All trading and clearing will be subject to Nasdaq Dubai Business Rules and operating procedures.
Please note following changes resulting from this migration:
1. Changes related to Nasdaq Dubai Trading Procedures detailed in attached Trading Manual.
This Trading Manual will be available on Nasdaq Dubai website under 'Procedure' section. Some of the key changes in procedure are as follows:
a) Trading Platform Interface changed from Nasdaq Dubai X-Stream Trading platform to DFM X-stream Trading platform (section 2.1);
b) Changes related to classification of Derivatives Contracts into Boards (section 2.3);
c) Changes related to naming convention of instruments on the system (section 2.4);
d) Changes related to market timing and trading phases (section 2.6);
e) Electronic reporting Off Order Book through trading interface will no longer be available. All Trade reporting requirements for the equity market. (section 2.10);
f) Changes related to tick size of Derivatives Contract (section 2.12). This is to maintain consistency in underlying securities trading and derivatives trading;
g) Changes related to price reference safeguards (section 2.13). Trading safeguards will operate in the same manner as that of the Security market.
2. Changes related to Nasdaq Dubai Operating Procedure for Clearing of Derivatives Contracts detailed in attached 'Clearing, Settlement and Risk Management Procedure for Derivatives'.
This operating procedure will be available on the Nasdaq Dubai website under the 'Procedures' section. Some of the key changes in the operating procedures are as follows;
a) Under earlier procedure, Trades executed on Sundays were captured for clearing on the next Business Day. This procedure is changed, and trades are not immediately received in the clearing system for clearing on the same day;
b) Further clarification is provided on clearing accounting structure (section 3.2);
c) Changes related to the determination of daily settlement prices (section 4.12.1);
d) Changes related to final settlement price on the expiration day is determined using the last 30 minutes volume weighted average price of the underlying Security (4.13.1);
e) Other minor changes related to request forms, contact details, etc. All request forms will be made available on Nasdaq Dubai website under the 'Procedures' section.
For further information and clarification please contact:
Nasdaq Dubai Market Operations
Tel: 9714 305 5473/5474
Press Release 2015
