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Nasdaq Dubai Fees
Overview of Fees for All Nasdaq Dubai Services & Products
This Overview of Fees document contains details of fees charged by Nasdaq Dubai in respect of securities admitted to its market, as well as fees in respect of Nasdaq Dubai’s Central Securities Depositary (CSD), fees charged to Members, and various other charges.
All fees in this document are in US dollars. Any payments in UAE Dirhams will be handled using a conversion rate of 3.67 Dirhams to one US Dollar and rounded to the nearest integer.
Listing fees in respect of securities listed on Nasdaq Dubai are payable to the Dubai Financial Services Authority.
1. Membership Fees
| Application processing fee | USD5,000 |
| Annual fee | USD10,000 |
2. Trading Member Connectivity Fees
Nasdaq Dubai will recover from the Member the cost of the equipment, installation and maintenance relating to their connection.
2.1 Trader Workstation User Fees
| Fee components | Fees per month |
|---|---|
| First connection (compulsory) | USD1,000 |
| Subsequent connection (optional) | USD500 |
- It is mandatory for Members to have at least one matching engine workstation be available as a backup connectivity should the Member face any difficulty connecting via another trading platform.
- Any subsequent connection will be charged according to the schedule above.
Note: Not applicable for Dubai Financial Market participants already using Trader Workstation
2.2 International Connectivity Fees
| Fee components | Fees per month |
|---|---|
| For each Member/vendor | * USD1,100 |
- This fee applies for Members using Nasdaq Dubai's London infrastructure to connect to the trading platform via the London Distribution Gateway.
2.3 Equator Workstation User Fees
| Fee components | Fees per annum |
|---|---|
| * Up to six users | USD6,800 |
| * Each additional user | USD275 |
- This fee is charged only to Members and Custodians requiring CSD system (Equator) access
- * Not applicable for Dubai Financial Market participants already using Equator system
3. On-Exchange Trading, Clearing and Settlement Fees
3.1 Equities, Close Ended Funds, Structured Products, ETFs and ETCs
Equities (USD)
| Fee components | Fees |
|---|---|
| Trading | 0.05% on executed order value + USD3 per executed order |
| Clearing/CSD/Settlement | 0.05% on executed order value |
| Buy-In trades (levied on clearing Member): | |
| Buy-In Bids | No fees |
| Buy-In Offers | Market fees: 0.05% on executed order value + USD3 per executed order CSD fees: 0.05% on executed order value |
- Trade related fees will be paid in USD only.
- If the order was partially executed in a trading day, then fees are charged on executed value of that trading day.
Equities (AED)
| Fee components | Fees |
|---|---|
| Trading | 0.05% on executed order value + AED 10 per executed order |
| Clearing/CSD/Settlement | 0.05% on executed order value |
| Buy-In trades (levied on clearing Member): | |
| Buy-In Bids | No fees |
| Buy-In Offers | Market fees: 0.05% on executed order value + AED 10 per executed order CSD fees: 0.05% on executed order value |
- Trade related fees will be paid in AED only.
- If the order was partially executed in a trading day, then fees are charged on executed value of that trading day.
3.2 Derivatives
A. Trading and clearing fees for trades executed on Nasdaq Dubai futures market
| Fee components | Fees |
|---|---|
| UAE Single Stock Futures | 5 basis points - Trading and Clearing fee applicable on execution and; 5 basis points - Contract Expiry Fee for positions not closed by Member |
| Saudi Single Stock Futures | 5 basis points - Trading and Clearing fee applicable on execution and; 5 basis points - Contract Expiry Fee for positions not closed by Member Please refer to Table B outlining Incentive Scheme for Saudi Single Stock Futures |
| Index Futures | 1 basis point - Trading and Clearing Fee applicable and; 1 basis point - Contract Expiry Fee for positions not closed by Member |
- Fee calculation is based on "Contract Value".
- Contract Value = future price x No. of contracts x contract multiplier
- Incentive Scheme for Saudi Single Stock Futures (Table B) is subject to change after 31st December 2019
B. Incentive Scheme for Saudi Single Stock Futures
| Price Maker's Trade Value (SAR) in a calendar month | Fees rebate (applies to all Price Makers) |
|---|---|
| Below 10 Million | Price maker (Note 1): Trading and Clearing fee of 0.05% is rebated |
| 10 million and above |
|
Notes:
- In an executed trade, price makers are Members whose orders are entered 1st in an executed trade.
- In an executed trade, price takers are Members whose orders are entered 2nd in an executed trade and lift quotes from the price makers.
- Order timestamp on the executed trade will be used to decide if the order was a price maker order or price taker order.
- Fees rebates will be calculated and communicated to the Member on a monthly basis and within (7) business days of the following month.
- Any query regarding the calculation must be raised with Nasdaq Dubai within (3) business days.
- Nasdaq Dubai will proceed with crediting the waived fees rebates to the Member's account after the Member issues a Tax Invoice to Nasdaq Dubai for the rebate amount.
- Nasdaq Dubai will have the final decision in calculation and interpretation of the fees rebates.
C. Options
| Fee components | Fees |
|---|---|
| Single Stock Options | USD0.05 per contract for trading & clearing; USD0.05 for exercise |
| Stock Index Options | USD0.03 per contract for trading & clearing; USD0.03 for exercise |
3.3 Retail Fixed Income Traded & settled in Nasdaq Dubai Fixed Income (USD/AED)
| Fee components | Fees |
|---|---|
| Trading | 0.05% on Trade Value |
| Clearing/CSD/Settlement | 0.05% on Trade Value |
| Buy-In trades (levied on clearing Member): | |
| Buy-In Bids | No fees |
| Buy-In Offers | Market fees:0.05% on Trade Value CSD fees: 0.05% executed order value |
- Trade related fees will be paid in currency it has been traded.
- If the order was partially executed in a trading day, then fees are charged on executed value of that trading day
3.4 Debt Securities Traded on Nasdaq Dubai and Settled Through Euroclear Bank
A. Trading fees for trades executed on Nasdaq Dubai Debt Securities trading platform
| Trading Members | Trading Fees |
|---|---|
| Price makers (refer to note 1) | No fees: Refer to point B on Cash Incentive Scheme |
| Price takers (refer to note 2) | 0.02% on trade value (refer to note 4 for calculation of trade value) |
B. Cash incentive scheme for Debt Securities trading platform
| Trade Value (USD) in a Calendar month | Cash Incentive provided to price makers |
|---|---|
| Up to and including 10 million | Trading fees: No fees will be charged on execution Cash incentive: Nil |
| Above 10 million and up to and including 50 million | Trading fees: Nil Cash incentive: 0.0025% on value traded in a month (for trade value above USD 10 million) |
| Above 50 million | Trading fees: Nil 0.005% on value traded in a month (for trade value above USD 50 million) |
Notes:
- In an executed trade, price makers are Trading Members whose orders are entered 1st in an executed trade to provide quotes on the trading platform.
- In an executed trade, price takers are Trading Members whose orders are entered 2nd in an executed trade to execute and lift quotes from the trading platform.
- Order timestamp on the executed trade will be used to decide if the order was a price maker order or price taker order.
- Trade Value = Trade price x nominal value x number of securities
- Trading fees and cash incentives will be calculated on monthly basis and relevant debit/credit will be made in the Member's account within 7 business days of the following month.
- Any query regarding calculation must be raised to Nasdaq Dubai within 3 business days of crediting/debiting the cash to the Members account.
- Nasdaq Dubai will have the final decision in the calculation and interpretation of this scheme
4. Central Securities Depository (CSD) Fees
4.1 Custody Fees
Securities held for conversion depository receipts/interests
| Fee components | Fees |
|---|---|
| Custody fees of securities held for facilitating conversions | 0.05% per annum * the value held calculated daily/charged monthly |
Fixed income bonds and Sukuk held in CSD
| Fee components | Fees |
|---|---|
| Rates based on nominal value of debt holdings in CSD - in USD Millions | |
| Less than USD100 | 0.011% |
| USD100 to USD1,000 | 0.008% |
| USD1,001 to USD5,000 | 0.0052% |
| USD5,001 to USD10,000 | 0.004% |
| USD10,001 to USD50,000 | 0.0038% |
| USD50,001 to USD100,000 | 0.0028% |
| USD100,001 to USD150,000 | 0.0027% |
| USD150,001 to USD250,000 | 0.0026% |
| USD250,001 to USD500,000 | 0.0022% |
| Above USD500,000 | 0.0019% |
Fixed Income Securities issued in International CSD (i.e. Euroclear Bank SA/NV and Clearstream Banking SA, Luxembourg) and held in Nasdaq Dubai CSD
| Fee components | Fees |
|---|---|
| Custody fees for securities from International CSD held in Nasdaq Dubai CSD via CSD links | 0.015% of the value held calculated daily/charged monthly |
Equity and structured products
| Fee components | Fees |
|---|---|
| * Annual custody fees that include custodian membership and daily electronic reports | 0.0025% of average market value of products held by custodian; Min. of USD10,000 |
| * Annual custody fees for custodians (without settlement agent) holding omnibus account in their name | 0.0025% of average market value of products held by custodian; Min. of USD2,500 |
- * These fees will be charged in the month of January based on the average market value of assets held in the previous financial year.
4.2 Securities Transfer Fees
All transfer fees are charged to transferee unless otherwise specified below:
| Fee components | Fees |
|---|---|
| Between two investors | |
| Family transfer (marital partner, parent, child, sisters, brothers or grandparent), charged to the transferee only | 0.20% of market value of shares Min. of USD7 |
| Inheritance or judicial transfer of securities (charged to the transferee only) | 0.20% of the market value of shares Min. of USD7 |
| Transfer of securities from sole proprietorship (or institution) to individual account and vice versa | 0.20% of the market value of shares Min. of USD7- per transferred security |
| Transfer of securities from founder to another founder of the same listed company (registry shareholder) | 0.40% of the market value securities held from both transferor and transferee; Min. of USD14 |
| Transfer of securities ownership from investor to another due to pre-regulated market securities assignments | 0.5% of the market value of shares Min. of USD82 |
| Transfer from company to one of partners' individual accounts and vice versa, OR Transfer from company to another company (same owners), OR Transfer from sole proprietorship to company and vice versa (common party in both accounts), OR Transfer from joint account to one of partners' individual accounts or vice versa, OR Transfer from joint account to another (common partner in both accounts) | 0.20% of the market value of shares Min. of USD7 |
| Custodian’s/Members request for security transfer | |
| Transfers due to migration to NIN structure (Nasdaq Dubai and DFM consolidation) | Fees are waived until further notice |
| Approved transfers where this no change in beneficial ownership from one custodian to another, OR Between two client omnibus accounts held through a custodian, OR From investor accounts into client omnibus account held by custodian, OR From client omnibus account held by custodian to an investor account | USD82 - per security symbol charged to transferee party |
| Approved transfers without change in beneficial ownership where there is a change in the Global and local custodian | USD164 - per security symbol charged to transferee party |
| Approved transfers related to Cross border links | USD10 per transfer instruction charged to instructing Custodian/Member |
| Approved transfers to facilitate stock lending and borrowing (For market making purposes) | USD82 per transfer request |
| Approved transfers to facilitate stock lending and borrowing (for any other purposes including Repo, Sell & Buy Back, etc..) | 0.20% of market value of share Min. of USD28 |
| Release of transfer to facilitate stock lending and borrowing | USD28 - per transfer |
| Brokerage/Member merger | |
| Merger of Member participants | USD27,250 from one party |
| Transfer to facilitate GDR/DI/ORDS conversions | |
| Transferring securities from or to CSD | 0.01% of the value subject to a Min. of USD100 |
| Transfer of Debt securities within CSD or between ICSD and CSD | |
| Transferring securities within CSD or between ICSD and CSD involving change in beneficial ownership | 0.01% per each side of the transaction, calculated based on a multiple of the face value of the security being transferred |
| |
| Transfer of Islamic Securities related to Murabaha transactions involving a change in beneficial ownership | |
| Transfers related to retail transactions Monthly value of transactions (USD million)* | Fees per transactions (on face value of transaction) |
| 0 to 200 | 0.20% |
| above 200 up to 400 | 0.02% fees rebate on value above USD 200 million |
| above 400 | 0.03% fees rebate on value above USD 400 million |
| Transfers related to corporate transactions (includes all non-retail and credit card related transactions) | |
| $2.5 per value of $1 million (or part thereof) | |
Notes:
- These fees are applied only on transfers for Islamic Certificate transfers in the Nasdaq Dubai CSD.
- Transaction value is the value of securities that are being transferred for the entire financing deal i.e. all Nasdaq Dubai CSD transfers between parties involved in a financing deal.
- Nasdaq Dubai will issue fee invoices on a weekly basis which shall be payable within three (3) business days. Nasdaq Dubai will provide fees rebate at the end of each month if the monthly value of the transaction falls within the rebate scheme.
4.3 Securities Pledge Fees - Bank Mortgage (Pledge)
| Fee components | Fees |
|---|---|
| For an individual investor | |
| Pledge creation (fees on basis of value of assets pledged) | Equity: 0.20% of market value, Min. of USD28 Fixed income debts and Sukuk: 0.02% of nominal value, Min. of USD28 |
| Transfer of pledged securities to a broker for selling purpose | USD28 - per transfer |
| Release of a pledge | USD28 - per transfer |
| Preparation of pledge reports (hard copies) | USD55 for first 20 pages; USD5.5 for every additional page with a Max. of USD4,100 |
| Preparation of pledge reports (soft copies) | USD0.14 per listed investor, Min. of USD55 and Max. of USD800 |
4.4 Deal Correction Fees
| Fee components | Fees |
|---|---|
| NIN Correction of deal after settlement * | 0.10% of trade value, Min. of USD30 per order |
- * This is specific to correction of trades executed erroneously per published procedures
4.5 Receipt Into/Delivery Out of CSD (Mark-Up/Mark-Down)
| Fee components | Fees |
|---|---|
| Receipt into/delivery out of CSD instruction for securities admitted through third party links | USD15 - per security symbol |
4.6 Third Party Fees
For dual listed securities and depository receipts held by the Nasdaq Dubai CSD, fees levied by third party depository or any other body will be charged on actual basis.
4.7 Registry Fees
| Fee components | Fees |
|---|---|
| * Initial Fee (Charged to issuers per ISIN registered) | USD10,000 |
| Annual fee | USD10,000 to USD35,000 (Refer to Note 1 below) |
- * Charged to issuers per ISIN registered
| No. of Shareholders | Annual fee |
|---|---|
| Upto 5,000 | USD10,000 |
| 5,001-10,000 | USD18,000 |
| 10,001 to 50,000 | USD28,000 |
| Over 50,000 | USD35,000 |
- Note 1: Charged annually to issuers based on total number of records of legal shareholders per issuer
5. Reports
| Fee components | Fees |
|---|---|
| Custodians / Members | |
| Electronic reports to custodians upon request | USD0.14 per each data row; Min. USD55 and Max. USD800 |
| File Transfer Protocol (FTP) report charge for Nasdaq Dubai standard reports* | Upto 5 users: No fees Additonal users: USD100 per user per annum |
| Members | |
| Preparing and printing reports upon request | USD55 first 20 pages and USD5.50 for every additional page, Max. USD4,100 |
| Generation of a daily trading report upon request | USD550 per annum |
| Others | |
| Reports upon request - Electronic | USD0.14 per each data row; Min. USD109 and Max. USD4,100 |
| Reports upon request - Hard copy | USD109 for first 20 pages and USD5.50 per extra page; Max USD4,100 |
| Reports saved on CD | USD28 per CD |
- * Effective 1 January, 2017
6. SWIFT Fees - Per Outgoing Message
| Fee components | Fees |
|---|---|
| Domestic message | USD0.15 |
| International message | USD0.35 |
| SWIFTnet Fileact real-time message | |
| per file: File size smaller than 5,000 characters | USD1 |
| File size between 5,000 to 100,000 characters | USD4 |
| File size more than 100,000 characters | USD20 |
| Notification and other fees | USD1 |
7. Market Data Distribution Fees
For more information please contact market.data@nasdaqdubai.com.
8. Investor Service Fees
| Fee components | Fees |
|---|---|
| Issue letters to investors | |
| Proof of securities ownership | USD28 per letter |
| Letter to whom it may concern | USD28 per letter |
| Audit confirmation letter | USD28 per letter |
| Issue securities balance statement to investor | |
| Securities balance statement - printed | USD2.73 for first 10 pages and USD1.37 for each extra page |
| Securities balance statement - CD | USD27.25 per CD |
| Securities balance statement - email | USD2.73 per statement |
9. Other Services
| Fee components | Fees |
|---|---|
| Letters issued to official parties | |
| Issued to legal/accountants and experts | USD28 per letter |
| Letters issued to brokers | |
| Preparing letters to brokers upon request | USD15 |
| Power of attorney issuance | |
| Issued by DFM/Nasdaq Dubai market | USD28 per document |
10. Corporate Action - Cash Payment
| Fee components | Fees |
|---|---|
| Cash payment charges per single corporate action for bank transfer | |
| Payment within UAE (custodians) | USD80 - per security symbol |
| Payment outside UAE (custodians) | USD140 - per security symbol |
| Payment made directly to Investors | Refer Note below |
- Note: Bank and foreign exchange charges on all bank transfers to be borne by the investor
11. Issuer Fees
11.1 Admission to Trading and Annual Fees
| Security type | Application | Initial admission | Annual |
|---|---|---|---|
| Equities | |||
| Primary/IPO | USD5,000 | Refer to Notes 1 below | USD20,000 - USD50,000 |
| Secondary/ capital raising | USD5,000 | Refer to Notes 1 below | USD20,000 - USD50,000 |
| Secondary/ non-capital raising | USD2,500 | USD50,000 | USD20,000 - USD50,000 |
| Debt products * | |||
| Single issuance | USD4,500 | USD2,500 | |
| Program tranche | USD4,500 | USD2,000 (for each issue under program) | |
| Close ended funds, ETFs & ETCs | |||
| Primary | USD5,000 | USD5,000/fund, capped at USD30,000/day | Refer to Notes 2 below |
| Secondary | USD2,500 | USD5,000/fund, capped at USD30,000/day | Refer to Notes 2 below |
| Structured products | |||
| Single issuance | USD2,500 | No fees | USD10,000 |
| Programme approval | USD5,000 | N/A | N/A |
| Single security under programme | USD2,500 | No fees | USD10,000 |
| Programme renewal/updates/ filing of supplementary documents | USD2,500 | N/A | N/A |
Total securities admitted - Equities
| Total securities admitted | Initial admission fee | Annual issuer fee |
|---|---|---|
| Upto 100 million | USD70,000 | USD20,000 |
| 101 million to 250 million | USD100,000 | USD30,000 |
| 251 million to 500 million | USD150,000 | USD40,000 |
| Above 500 million | USD250,000 | USD50,000 |
Further issuances of admitted securities will be charged according to the initial admission fee scale with a 75% discount.
- Note: Equity issuer fees are variable and will be calculated based on total securities admitted (TSA).
Total securities admitted - Funds
| Total securities admitted | Annual issuer fee |
|---|---|
| Upto 100 million | USD5,000 |
| 101 million to 500 million | USD10,000 |
| 501 million to 1,000 million | USD20,000 |
| Above 1,000 million | USD50,000 |
- Note: Annual issuer fees for close ended funds/ETFs/ETCs are variable and will be calculated based on total securities admitted (TSA).
- For the purpose of determining the total number of fund securities admitted to trading, fund sponsors may aggregate securities admitted for all funds within the same fund family.
- For open-ended funds, ETFs and ETCs, the total securities admitted means the total securities in issuance.
- Annual fees are based on total securities admitted in issuance as of December 31st of the preceding year.
- Prices apply to listings that took place after June 1, 2012.
Rebate for structured products - annual issuer fee rebate based on trading activity
The annual issuer fee is charged at the time of admission and at the beginning of each calendar year thereafter. There is a potential for a refund of up to 150% of the annual issuer fee based on the annual trading threshold in the admitted structured product as per the table below:
| Annual traded value (USD) | Annual issuer fees | Refund amount | % Refund |
|---|---|---|---|
| Up to 5 million | USD10,000 | No Fees | 0% |
| Above 5 million to 10 million | USD10,000 | USD2,500 | 25% |
| Above 10 million to 15 million | USD10,000 | USD5,000 | 50% |
| Above 15 million to 20 million | USD10,000 | USD7,500 | 75% |
| Above 20 million to 25 million | USD10,000 | USD10,000 | 100% |
| Above 25 million to 30 million | USD10,000 | USD12,500 | 125% |
| Above 30 million | USD10,000 | USD15,000 | 150% |
11.2 Central Securities Depository Fees (CSD)
Corporate actions fees
| Fee components | Fees |
|---|---|
| Equities, close ended funds, structured products, ETFs, & ETCs | |
| Capital increase/ reduction, bonus shares issue, etc. administrative fees may be calculated when necessary | USD7.00 per investor in register; Min. USD7,000 per action; Max. USD136,000 per action |
| Send statements of account to shareholders | USD2.75 per investor in the register |
| Sending SMS messages to Local shareholders | USD0.029 per message/min fees USD1,370 |
| Sending SMS messages to International shareholders | USD0.22 per message/min fees USD1,370 |
| Disbursement of cash benefits | USD2.75 per records; Min.USD1,500 and Max.USD140,000 |
| Security corporate action fees for secondary/dual listed companies | USD7 per investor in register; Min.USD1,000 and Max.USD140,000 per action |
| Cash corporate action processing fees for secondary/dual listed companies | USD2.75 per record; Min. USD1,350 and Max. USD140,000 |
| Cash benefit/dividend maintenance for unlisted companies Nasdaq Dubai will have an agreement with the unlisted company to maintain unclaimed cash benefit/dividend records and will continue to pay the unclaimed benefits to the eligible shareholders. Following charges will be applicable to the company on an annual basis. | |
| Capital increase/ reduction, bonus shares issue, etc. administrative fees may be calculated when necessary | USD7.00 per investor in register; Min. USD7,000 per action; Max. USD136,000 per action |
Fee will be charged in advance in January every year for the remaining accounts as at 31 December of the previous year.
| Fee components | Fees |
|---|---|
| Corporate Action Fee for Retail Sukuk | |
| Disbursement of Cash Benefits | USD 2.75 per record Minimum: USD 1,500 Maximum: USD140,000 |
| Account transfer fees | |
| Transfer from company to a Board Member, OR Transfer between a company Board Members, OR Transfer from company's account to employees, OR Any registry transfer/Delisting | 0.4% of the market value, Min. USD14 |
| Freezing securities in investor's account with a broker/ CSD based on the official request | USD28 |
| CSD transfers for unlisted companies | |
| Change in beneficial ownership transfer | 0.20% of the par or NAV value of shares, whichever is higher, Min of USUSD 82 |
| No change in beneficial ownership transfer | USUSD 82 per transfer |
| System access and reports | |
| Electronic preparation of reports upon request | USD0.14 per investor in register; Min. USD80 and Max. USD2,750 |
| Preparing and printing reports upon request | USD55 first 20 pages, USD5.50 per additional page; Max. USD4,100 |
| Preparing and printing share book | USD55 first 20 pages, USD5.50 per additional page; Max. USD5,500 |
| Electronic preparation share book upon request | USD0.275 per investor in register; Min. USD275 and Max. USD4,100 |
| Printing letters of the annual general meeting for listed securities (company provides letter head paper) | USD0.55 per registered shareholder; Min.USD275 and Max.USD5,550 |
| Printing labels of shareholders' addresses | USD0.273 per registered shareholder; Min.USD135 and Max.USD2,750 |
| Electronic storage of shareholders' addresses | USD0.14 per registered shareholder; Min. USD82 and Max. USD1,400 |
| Preparing a daily trading report upon request | USD550 per annum |
| Annual subscription in electronic report: Daily | USD11,000 |
| Annual subscription in electronic report: Weekly | USD4,100 |
| Annual subscription in electronic report: Monthly | USD800 |
| Miscellaneous issuer fees | |
| Change of a name or trading symbol of listed company (charged to Issuer) | USD2,750 |
| Merger of companies | USD41,000 |
11.3 Issuance of Identification Number for Securities Issued in the DIFC
| Fee components | Fees |
|---|---|
| Request for identification number (ISIN) | USD100 per identification number |
Note: From 1 January 2018, all Nasdaq Dubai invoices will include the VAT amount of 5% added to them.
For any queries related to our fees, please contact Nasdaq Dubai Business Development team:
Tel: +971 4 305 5455 / Email: business@nasdaqdubai.com
© 2021 Nasdaq Dubai Ltd., Level 8, The Exchange (GV 11), Dubai International Financial Centre, Dubai, UAE
The information in this document is subject to change and Nasdaq Dubai Limited (Nasdaq Dubai) reserves its right to amend any information contained in this document at any time. This document is not a substitute for the relevant Nasdaq Dubai Business Rules and in the case of inconsistency, the Nasdaq Dubai Business Rules shall prevail. Unless otherwise provided, capitalised terms shall have definitions assigned to such terms in the Nasdaq Dubai Business Rules.
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