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Evolving MENAT:Securities Market Infrastructure
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8
4
3
6
7
2
Kuwaiti Dinar (KWD)
No
Equities – T+3 Fixed Income – OTC settlement
Segregated
Central Bank of Kuwait
Boursa Kuwait
Kuwait Clearing Company
• Bene�cial owner market• All shares held in Trading account• No withholding tax (WHT) on dividends • Segmentation of the market into Premier, Main and Auction markets and the introduction of an over-the-counter (OTC) platform to trade unlisted securities including equities, corporate bonds and sukuk, and the introduction of a Central Counterparty Clearing (CCP) are expected during 2018 as part of the Capital Markets Authority (CMA)-driven Market Development project
Kuwait3
Bahraini Dinar (BHD)
No
Equities – T+2
Segregated
Central Bank of Bahrain
Bahrain Bourse
Bahrain Clear
Bahrain
Fixed Income – T+2
• Dual account structure (Trading/ Custody account)• Trades settlement into trading account of National Identi�cation Number (NIN) linked to local trading broker• No Capital Gains tax• Clearing, Settlement and Depository functions of Bahrain Bourse segregated in 2017• Separate market for listing small and medium sized companies
1Turkish Lira (TRY)
Equities – T+2
Segregated
No
Central Bank of the Republic of Turkey (CBRT)
Borsa Istanbul
Merkezi Kayit IstanbulTakas Istanbul (CCP)
Turkey
Fixed Income – T+0 to T+3
• No WHT on capital gains for corporations• Disclosure required for substantial shareholders’
activities (via Public Disclosure Platform)• Organized Securities Borrowing and Lending
(SBL) market• Default withholding tax on dividends is 15% but this
can be reduced as per double tax treaty agreements• Electronic voting is possible• Segregated securities account but omnibus cash
account
7
United Arab Emirates Dirham (AED)
Equities – T+2
Segregated
UAE DFM
Fixed Income – T+2
• Bene�cial owner markets • Dual account structure (Trading/ Custody account) • Foreign Ownership Limit up to 49% (non-free
zone co.)
• No tax on investments made by foreign investors
Central Bank of United Arab Emirates
No
Dubai Financial Market (DFM)
Dubai Financial Market (DFM)
• 5% VAT introduced in 2018• Central Securities Depository (CSD) is a department
within the respective Exchanges
8
US Dollar (USD),United Arab EmiratesDirham (AED)
No
Segregated and Omnibus
Central Bank of United Arab Emirates
Nasdaq Dubai Limited (NDL)
Nasdaq Dubai Limited (NDL)Equities – T+2
Fixed Income – T+3
• Bene�cial owner markets (NDL permits Omnibus NIN model)
• Dual account structure (Trading/ Custody account)• Foreign Ownership Limit is not applicable, unless
mandated by the country of jurisdiction of the security
• No tax on investments made by foreign investors •• 5% VAT introduced in 2018
CSD is a department within the respective Exchanges• Settlement at Nasdaq Dubai is in USD and AED as
per the instrument
UAE NDL8
United Arab Emirates Dirham (AED)
No
Equities – T+2
Segregated
Central Bank of United Arab Emirates
Abu Dhabi Securities Exchange (ADX)
Abu Dhabi Securities Exchange (ADX)Fixed Income – T+2
• Bene�cial owner markets• Dual account structure (Trading/ Custody account)• Foreign Ownership Limit up to 49% (non-free zone co.)• No tax on investments made by foreign investors • 5% VAT introduced in 2018• CSD is a department within the respective Exchanges
UAE ADX8
Saudi Riyal (SAR)
No
Equities – T+2
Segregated
Saudi Arabia Monetary Agency (SAMA)
Tadawul
Security Depository Centre (SDC)
Saudi Arabia
Fixed Income – T+2
• Bene�cial owner market• Pegged currency and no restrictions on currency repatriation• No Capital Gains Tax; 5% WHT on Dividends; 5% VAT introduced in 2018• Trades can only fail due to custodian rejection of sell• Electronic Proxy Voting• Exciting pace of reforms in the market
6
Qatari Riyal (QAR)
No
Equities – T+3
Segregated
Qatar Central Bank
Qatar Stock Exchange
Qatar Central Securities Depository
Qatar
Fixed Income – T+3
• Dual account structure (Trading/ Custody account)• Ultimate Bene�cial Owner disclosure required at the time of market account opening• No Capital Gains or WHT• Regulations allow listed companies to increase
their Foreign Ownership Limits (FOL) up to 49%.There are few companies with 100% FOL
5
4
Omani Rial (OMR)
No
Equities – T+3
Segregated
Central Bank of Oman
Muscat Security Market (MSM)
Muscat Clearing and Depository Co. (MCD)
Oman
Fixed Income – T+2
• No trading and custody account concept• No Capital Gains tax on listed securities• 10% WHT applies on income on bonds paid to all investors including GCC investors• 10% WHT applies on dividends paid to all investors (except for GCC investors)• Foreign investors can buy 70% of issued capital at the time of initial listing (companies may change these)
2
Egyptian Pound (EGP)
Equities – T+2
Egypt
Fixed Income – T+1
• No foreign ownership restrictions• Two FX mechanisms available in the market• Market penalties apply for late settlement• Capital Gains Tax suspended until May 2020••
Taxes apply on Fixed Income and cash dividendsStamp duty tax applicable on Exchange transactions
Segregated
Yes
Central Bank of Egypt (CBE)
Egyptian Exchange (EGX)
Misr for Central Clearing, Depositary and Registry(MCDR)
Symbols
Currency
Account Structure
Central Bank
Stock Exchanges
Foreign Exchange Controls
Settlement Cycle
Depository
Insights
EVOLVING MENAT:SECURITIES MARKET INFASTRUCTURE
Issued and distributed by HSBC Bank Middle East Limited regulated by the Central Bank of the U.A.E and lead regulated by the Dubai Financial Services Authority. © Copyright HSBC Bank Middle East Limited 2018. ALL RIGHTS RESERVED. No part of this document
may be reproduced, stored, distributed or transmitted in any form without prior written permission of HSBC Bank Middle East Limited.
For any enquiries please contact:
Kapil Seth Head of HSBC Securities Services, MENAT Tel: +971 4 4235178 Email: [email protected]
The contact details of the branches are as follows:
Bahrain Francis DassouHead of HSBC Securities Services, BahrainTel: +973 1756 9499Email: [email protected]
Egypt Ehab Eissa Head of HSBC Securities Services, Egypt Tel: + 2 02 2529 8027Email: [email protected]
Kuwait Emma Almerzah Head of HSBC Securities Services, KuwaitTel: +965 2223 0702 Email: [email protected]
Oman Gavin Serrao Head of HSBC Securities Services, OmanTel: +968 2494 7085Email: [email protected]
Qatar Shreen AbeysekeraHead of HSBC Securities Services, QatarTel: +974 4438 3345Email: [email protected]
Saudi Arabia Madhur BhandariHead of HSBC Securities Services, Saudi ArabiaTel: +966 1 299 2307Email: [email protected]
TurkeyIbrahim H YurtluHead of HSBC Securities Services, TurkeyTel: +90 212 366 1403Email: [email protected]
United Arab EmiratesRocio EchagueHead of HSBC Securities Services, UAETel: +971 4 4236111Email: [email protected]
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