Working Hours during the Holy Month of Ramadan
التاريخ
Ref. : 1/2/2480
Date: 05/05/2019
Date: 05/05/2019
Memo No.
(28/2019)
Members of SDC of Brokers & Custodians,
Dear General Manager,
Subject: Working Hours during the Holy Month of Ramadan
| Kindly be informed that the SDC working hours during the Holy Month of Ramadan will be from 9:00 am till 2:30 pm. | |
| According to the provisions of Article (134) of the Registration, Deposit and Settlement of Securities Instructions of the year 2017, it was decided the following: | |
| 1. | The period that the custodians during which either accept or reject the settlement contract according to the provisions of Article (71) of the Registration, Deposit and Settlement of Securities Instructions of the year 2017 shall be modified, to become until 2:30 pm, maximum on (T+1) instead of 3:00 pm of that day throughout the month of Ramadan. |
| 2. | The deadline set under the provisions of Article (79) of the Registration, Deposit and Settlement of Securities Instructions of the year 2017 regarding the notices issued by the SDC’s electronic system to the brokers for the payment of Liquidity Reserve amount, and the notices to the brokers and custodians for the payment of the amounts due on the settlement day shall be considered final on trading day by 2:30 pm instead of 3:00 pm, unless another notice was sent by the SDC afterwards throughout the month of Ramadan. |
| 3. | The deadline for the broker to pay the amounts due to be paid as Liquidity Reserve to the settlement account according to the provisions of Article (80/A) of the Registration, Deposit and Settlement of Securities Instructions of the year 2017 shall be modified to become 10:30 am, maximum on the first day after Trading day (T+1) instead of 9:00 am of that day throughout the month of Ramadan. |
| 4. | The deadline for the brokers and custodians to pay the amounts due to the settlement account according to the provisions of the Articles (80/B) and (82) of the Registration, Deposit and Settlement of Securities Instructions of the year 2017 shall be modified to become 10:30 am, maximum on the second day after Trading day (T+2) instead of 9:00 am of that day throughout the month of Ramadan. |
| 5. | The deadline for the Brokers to resolve the causes related to suspended trading contracts due to the deficit of Securities Balance in sale trades for custody related accounts according to the provisions of Article (62) of the Registration, Deposit and Settlement of Securities Instructions of the year 2017 shall be modified to become by 10:30 am maximum on the second day after Trading day (T+2) instead of 9:00 am of that day throughout the month of Ramadan. |
| Therefore, all brokers and custodians are kindly requested to verify with their banks designated for settlement purposes the necessity of paying the money transfers required for the settlement account by 10:30 am, maximum of each working day. | |
| The official working hours of the SDC and above-mentioned times will be back to normal after the holy month of Ramadan. | |
Kind Regards,
Khalil Naser
Chief Executive Officer
