I'm just wondering - is there a difference in having an account with one brokerage as opposed to the other - with regard to the IPO? As in, does it really matter if the brokerage is affiliated to a bank (as in the case of Mashreq Securities) - do subscribers have a higher chance of successfully having shares allocated to them, as opposed to ones who go via private brokerages (like Mubasher or EFG)?
The reason I'm asking is because Mashreq is taking a very long time in processing my brokerage application - whilst I already have an account with EFG (which I created a couple of days back).
I'm just wondering - is there a difference in having an account with one brokerage as opposed to the other - with regard to the IPO? As in, does it really matter if the brokerage is affiliated to a bank (as in the case of Mashreq Securities) - do subscribers have a higher chance of successfully having shares allocated to them, as opposed to ones who go via private brokerages (like Mubasher or EFG)?
The reason I'm asking is because Mashreq is taking a very long time in processing my brokerage application - whilst I already have an account with EFG (which I created a couple of days back).
I think it would make no difference at all. The allocation will be done by DP World based on a set formula ... I guess it would be USD 2,000 shares to everyone, and then a pro-rata share of the application amount in excess of USD 2,000. The pro-rata share % would be the same for everyone irrespective of the broker.
How long are Mashreq taking in your case? I'm also applying through Mashreq & handed in all my documents on Sunday.
I have applied on Saturday for the opening of a so called '139' account with Emirates Bank (as I use their brokerage for DFM and ADSM) to open a trading account on DIFX. I called them up and they said it would take a couple of days.
I had applied to Mashreq Securities last Tuesday - and have been ringing them since Sunday, and all they keep on telling me is that its under process. As for Emirates International Securities, yes I've heard about the 139 account as well; apparently its a USD denominated investment account, which they will tie up with your brokerage account.
With the Dubai Financial Market (DFM), and, I presume, the Abu Dhabi Securities Market (ADSM), you can transfer your own shares from one broker to another via the CDS (stock market share depository).
Technically it may be possible to transfer shares to anyone, but as far as I know, you are only allowed to transfer shares to someone if they are a family member.
However, for Dubai International Financial Exchange (DIFX) stocks, where DP World shares will list, it's possibly different as they operate under a different regulatory body. _________________ UAE IPO list | posting guidelines
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& handed in all my documents on Sunday.
