DIFX to establish Practitioner CommitteePress Release 23 May 2004 01:35 pm
Dubai International Financial Exchange (DIFX), the exchange being established by the Dubai International Financial Centre (DIFC), announces today it is establishing a Practitioner Committee.
The Committee will have representatives from potential issuers, brokerage firms, banks, lawyers, accountants and other industry professionals who will meet on a regular basis to advise the DIFX on the development of its business plan and to discuss regulatory developments as they impact on DIFX operations. The Committee will be chaired by Lynton Jones, Chairman of DIFX.
Lynton Jones said “We are building a market to international standards. As we define the details of the way in which we operate, it is vital that we take into account the views of those who will be the main users of the market. We look forward to working closely with the practitioners.”
The DIFC is being established to position Dubai as a universally recognized hub for institutional finance and as the regional gateway for capital and investment to the Middle East. A critical component of the new financial centre is the DIFX, the first major international exchange to establish in the Middle East. The DIFX is a fully electronic marketplace that will trade a wide range of products, including equities, bonds, funds and derivatives. DIFX has signed a Memorandum of Understanding with Euronext, AtosEuronext, LCH.Clearnet and Euroclear to partner to build DIFX.
The aim of the DIFX is to create a transparent, liquid and efficient exchange that will become the primary exchange for companies within the region wishing to access the international financial community and for international investors who need to access regional products and services.
In the next several weeks, letters will be issued to various organizations inviting them to appoint a representative to the Committee. Parties wishing to learn more about the Practitioner Committee should contact Jane Kang Thorpe, General Counsel, DIFX, on Tel: 04 319 1978 or [email protected]