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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Rulebook Modules
General Module (GEN) [VER44/07-19]
GEN 2 Financial Services
Sourcebook Modules
Consultation Papers
Policy Statements
DFSA Codes of Practice
Amendments to Legislation
Media Releases
Financial Markets Tribunal

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(2 versions)
Sep 1 2005 - Jul 13 2013Jul 14 2013 onwards

GEN 2.22.1

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(1) In GEN Rule 2.2.2 Operating an Alternative Trading SystemG means making arrangements with a view to another PersonG whether as principal or agent buying or selling an InvestmentG by way of operating a facility:
(a) which is organised on a temporary or permanent basis, whether or not governed by enforceable rules;
(b) which provides a means by which over the counter (OTC) trading of InvestmentsG can take place; and
(c) which provides a system or mechanism, whether an order driven system, a quote driven system or a hybrid of such systems, which enables electronic trading or trading by other means and through which;
(i) offers to buy or sell InvestmentsG are made or accepted;
(ii) buyers and sellers can negotiate the purchase or sale of InvestmentsG ;
(iii) contracts can be entered into for the transfer of ownership of or the title to InvestmentsG ; or
(iv) the prices of InvestmentsG , price movements and price and size of the most recent trades are displayed and updated.
(2) For the purposes of (1), “OTC” means in relation to a transaction in an InvestmentG , a transaction not effected on an ExchangeG or its equivalent in any other jurisdiction.
(3) In (1), a facility is not an Alternative Trading SystemG if it is merely an order routeing system where buying and selling interests or orders are merely transmitted but do not interact.
(4) In (1) a PersonG providing the facility still operates an Alternative Trading SystemG even though that PersonG may from time to time deal as agent for another PersonG or deal as principal with another PersonG using the facility.
(5) For the purposes of (1) a PersonG operates an Alternative Trading SystemG even though the facility itself is provided by a third party on behalf of that PersonG and that PersonG merely provides use of that facility to other PersonsG .