Vimala Vasan

Abu Dhabi, April 6

DUBAI International Financial Exchange (DIFX) has signed a contract with Tata Consultancy Services (TCS), under which TCS will supply software systems that will support clearing and settlement services for DIFX.

The agreement is another significant development in the creation of DIFX's infrastructure, following its announcement in February that its automated trading platform will be provided by Atos Euronext.

DIFX plans to open for trading on September 26,the company said in a statement on Wednesday.

Clearing at DIFX will take place through a central counterparty (CCP) system, under which DIFX Clearing House will guarantee that trades between its members will be honoured.

DIFX is located in the Dubai International Financial Centre (DIFC), a financial free zone that opened for business in September 2004.

As it progresses towards its launch, DIFX is holding detailed discussions with potential members and issuers and is applying to the independent regulator of financial services inside DIFC, the Dubai Financial Services Authority, for licences to operate as an exchange and run a clearing system.

(This article was published in the Business Line print edition dated April 7, 2005)
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