Dubai International Financial Centre appoints Lynton Jones as ChairmanPress Release30 Jul 2003 01:18 pm
The Dubai International Financial Centre (DIFC) today announced the appointment of Lynton Jones as chairman of its proposed Dubai Regional Financial Exchange.
Mr. Jones, aged 59, is one of the most experienced financial exchange professionals in Europe today, having run exchanges specialising in equities, derivatives and energy products.
Mr. Jones has particular expertise in the creation of new ventures, such as NASDAQ’s European operation and Jiway, the pan-European electronic stock market aimed at retail investors, and in managing change at established exchanges - notably the London Stock Exchange and the International Petroleum Exchange. In addition, Mr. Jones's experience with NASDAQ, the OM London Exchange and Jiway has given him an insight into the development of electronic share dealing.
Unusually for an exchange professional, Mr. Jones' early career was spent in the UK diplomatic service. He currently advises a number of financial clients through Bourse Consult, the strategic financial services consultancy which he founded.
Naser Nabulsi, Chief Executive Officer of the DIFC, said:
"I am delighted that Lynton Jones is joining us. He brings to DIFC extensive international knowledge and experience in the stock exchange and related fields and I am certain he will be a valuable asset to our organisation and the region. Lynton has a proven track record as an innovator and shares my vision of the exchange as the engine driving the DIFC and generating new opportunities for investment, business growth and employment across the whole of the Middle East.
"The DIFC now has a real sense of momentum. We have UAE Cabinet approval for the main Federal Decree. We have a high calibre team in place. Each week brings a major new development.
"There is much still to be done - but we expect the DIFC to be open for business and issuing licenses in what is really a remarkably short time. As regards the Regional Financial Market itself, that will take a little longer - though I anticipate that it will be in operation by the end of next year."
Lynton Jones said:
"The great attraction of becoming chairman of the proposed Dubai Regional Financial Exchange is the opportunity to build from scratch a very new and innovative kind of financial market.
"This will be totally electronic and will not be restricted to just one kind of product. Instead it may, for example, include derivatives as well as equities, bonds and other products.
"We will complement other markets in the region – by growing a regional market, we would expect them to grow as well.
"My immediate tasks when I begin in September are to draw up a development blueprint to put to the DIFC board, to open discussions with potential partners and then to start hiring staff for the Regional Financial Exchange."
The Dubai Regional Financial Exchange
One of the most innovative features of the new Exchange will be its ability to trade a variety of instruments - derivatives as well as equities and bonds - instead of the single product or family of products in which most exchanges specialise.
The other major distinguishing feature of the Dubai Regional Financial Exchange is the fact that all its governing laws and regulations will already be familiar to the major international banks and financial institutions. This is because they are deliberately based on existing legislation governing jurisdictions such as the City of London - and have even been drafted in English to be instantly accessible.