DFM in swift transfer of Kuwait securities
Dubai, June 23, 2013
Dubai Financial Market (DFM) said it has made arrangements with the Kuwait Clearing Company to promptly transfer securities between the Dubai bourse and Kuwait Stock Exchange (KSE).
DFM has started to implement these arrangements enabling shareholders of Kuwaiti companies to easily transfer their shares to and from DFM.
Maryam Fikri, the chief operating officer and head of clearing, settlement and depository, said: "DFM has been eager to collaborate with the Kuwait Clearing Company to facilitate and speed up the transfer process which is highly important to investors, noting that DFM is the market of choice for Kuwaiti companies looking for dual listing overseas."
"The new transfer system is highly secure, accurate and swift, and we have adopted the new arrangements and the Kuwait Clearing Company system after going through a successful pilot stage over the past months," he noted.
Prior to this development, the share transfer process generally used to take approximately 60 minutes.
DFM currently has 8 companies on its list and the total number of Kuwaiti shares transferred to DFM reached approximately 175 million as of end of May 2013.-TradeArabia News Service