Dual Listing
Ref. : 8/11/17475
Date: 26/11/2006
Memo No.
(67/2006)
Brokers & Custodians, Members of the Securities Depository Center
Subject: Dual Listing
The SDC has found the necessary technical environment in order to implement the agreements of sub-deposit and dual listing into electronic procedures to ensure accuracy and speed, as a response to a demand by issuers of securities to deposit their securities with the other parties to activate safekeeping them with licensed brokers and custodians and trading their securities in the other market, this was based on the desire of securities owners listed on both markets to assure the protection of their ownership.
Since the dual listing process of any Jordanian securities at any market outside the Kingdom requires the transfer of securities from accounts maintained by local brokers and custodians to the investors' account with the other market broker or custodian, the necessary updates for this purpose were applied to the Brokers and Custodians system to allow the transfer of securities listed at the other market by a request from the securities' owner and upon the brokers' or custodians' full responsibility without incurring any liability that may arise as a result of the transfer to the SDC, in accordance with the following procedures:
| 1. | Select the "Transfers to and from other markets" screen from the "Securities Transfers" drop-down list. | |
| 2. | Type the other market in the designated field number or choose the market's name from the drop-down list. | |
| 3. | Type the security number in the designated field or choose its name from the drop-down list. | |
| 4. | Type client's account number required in the designated field where the following information will appear: | |
| ● | Account type | |
| ● | Client name | |
| ● | Nationality | |
| 5. | Type client's number in the other market (whereas this field is considered mandatory for the completion of the procedures). | |
| 6. | Type the number of securities to be transferred in the designated field. | |
| 7. | Click "Save" from the toolbar, the system will generate a serial number for the transfer. | |
| 8. | Confirm the information again before verifying and posting it. | |
After posting the transaction SCORPIO sends the transactions file to the other market. The transaction is either accepted or rejected by the other market and the transactions file (both accepted and rejected) will be sent again to SCORPIO to be reflected on the Brokers and Custodians system accordingly.
We would like to inform you that the new system updates include reports that enable follow up of transactions to the other market, the reports include:
| 1. | Transfers to the other market according to its status (saved, verified or posted). |
| 2. | Transfers to the other market according to the sending status (sent, unsent) if the transaction was posted. |
| 3. | Transfers to the other market according to the response (accepted, rejected, suspended) if the transaction was posted and sent from the SDC to the other market, where a transaction remains suspended after being posted until the transaction file is received which then states if the transaction is accepted or rejected by the other market. |
In conclusion, we would like to inform you that a new version of the Brokers and Custodians system will be available on the SDC web site (Intranet) on the internal address http://10.5.1.100 as of the evening of Monday, 27 / 11 / 2006. Brokers and custodians shall enter the internal address to download the new versions onto their personal computers to replace the older version by clicking (UPDATE BROKERS SYSTEM) or (UPDATE CUSTODIAN SYSTEM) according to the members status, that is after exiting the older version.
Thank you for your cooperation for the benefit of the Jordan capital market.
Samir Jaradat
Chief Executive Officer
