wnership is done through the book-entry system which is operated by ADX or DFM.</p>
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<h3 style="border-bottom:1px solid #CCCCCC; padding-bottom:10px; ">SETTLEMENT PROCEDURE</h3>

<h3><a name="10" id="10"></a>a. Netting (T)</h3>
<p>At the end of each trading session, the amount of securities and money to be delivered and/or paid on the settlement day is determined through netting process and reflected in CDS settlement report</p>

<h3>b. Delivery of Securities and/or Payment of Money (T+2).</h3>
<p>Transactions are finally settled on T+2 in the way of delivery versus payment. Ownership of purchased securities are transferred among Investors' trading accounts. The cash settlement is done through AL Dhafra designated settlement bank. </p>
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is/her legal ownership upon any securities transaction and to check his/her stock account movements and balances during a given period</p>
<p>The process of securities trading starts when an investor requests formally Al Dhafra to purchase or sell a security, according to specific conditions.</p>
<p>The investor may channel buy and sell orders through a brokerag->
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<h1>Pre-requisites</h1>


<p> Individual investors who seek to trade securities in ADX or DFM need to maintain a direct securities account with CDS and a trading account with Al Dhafra. The sections below outline the requisite steps.</p>

<ul class="pre_list">
<li><a href="#01">Issuance of an Investor Identification Number</a></li>
<li><a href="#02">Investor Account within the CDS</a></li>
<li><a href="#03">Share Certificates Deposits and Dematerialization</a></li>
<li><a href="#04">Statement of Accounts</a></li>
<li><a href="#09">Settlement Method</a></li>
<li><a href="#10">Settlement Procedure</a></li>
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<h3><a name="01" id="01"></a>Issuance of an Investor Identification Number</h3>
<p>An individual or a corporate investor who wishes to trade securities in ADX or DFM will need to acquire a unique identification number called Investor Number (IN). It may be obtained through the ADX or DFM Investor Help Desk or through Al Dhafra. Its' issuance triggers automatically the creation of an Investor Account for the custody of shares traded in the market.</p>

<p>This IN will be quoted in all correspondence, forms and instructions. It identifies the investor account at the Clearing and Depository System (CDS), used to transfer share to and from the account each time the investor buys or sells shares.</p>
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<h3><a name="02" id="02"></a>Investor Account within the CDS</h3>
<p>Investor share certificate deposits, new allotted issues, or Bonus / Right issues will be credited to the Investor Account within CDS. When the investor intends to sell shares, he/she is required to transfer the quantities of shares to his/her Al Dhafra trading acc