SDC holds meetings with its members of Custodians and Financial Brokers
Since the SDC is currently working on developing the process of clearing and settlement through allowing the Custodians to settle the trading contracts related to their clients directly through the SDC on a DvP basis. And in a step to engage the members of Custodians and Brokers in the new project, the SDC held two separate meetings, one with the Custodians held on August 8th, 2015 and the other with the Brokers held on September 1st, 2015.
The said meetings included a presentation Gave by the SDC's Chairman of Board of Directors, Mr. Mohammed Said Al-Hamami which highlighted the new project and its importance and outcomes for the SDC members concerned and the whole management of the Settlement Process. The Chairman urged SDC members to participate with the SDC through providing pro-active feed back and remarks on the project.
The acting CEO of the SDC Mr. Khalil Naser clarified the details and the processes of the aimed project including the proposed role of custodians in the settlement cycle, the relation of custodian with the financial broker and the SDC, the actions to be taken by each of the settlement parties and the deadlines for that.
The meetings which were attended by representatives of the Jordan Securities Commission (JSC) and the Amman Stock Exchange (ASE) also included extensive discussion on the topic by the members.