Today is : December 14, 2019  
   [النسخة العربية]  


    FAQ
   

Important Information
Ansari Financial Services Online Accounts

Please review the following carefully as it contains important information regarding the transactions:

Ansari Financial Services Policy for Fines and Penalties:

Ansari Financial Services Customers shall at all times comply with the relevant rules of the Dubai Financial Markets (the "DFM") and the Abu Dhabi Securities Market (the "ADSM"). Ansari Financial Services shall not be liable for damages, including without limitation direct or indirect, special, incidental, or consequential damages, losses or expense due to fines or penalties imposed for any trade placed by the Customer unless Ansari Financial Services has acted in gross negligence.

If Ansari Financial Services receives any notice of a fine or penalty from the DFM or the ADSM, Ansari Financial Services shall have the authority to deduct such fine or penalty from the Customer's account prior to notifying the Customer of such deduction. Ansari Financial Services shall promptly notify the Customer of the fine and the resulting deduction. Customer shall have two calendar weeks from the date Customer receives the notification of the fine or penalty during which to contest such deduction with Ansari Financial Services.

Any violations of the rules are subject to market fines that range between AED 1,000 to AED 100,000 per violation and will be debited directly from your account. Ansari Financial Services has provided a brief overview of some of the prohibited, restricted and market manipulative transactions subject to fines (see below). It remains your obligation however, to ensure that your trades are properly placed. For a more complete understanding of the fines which may be imposed please review:

  • The DFM Rules and Regulations which can be found at the Investor's Services Desk at the DFM or at: http://www2.dfm.ae/pages/default.aspx?c=806
  • The ADSM Rules and Regulations at: http://portal.adsm.ae/wps/portal/!ut/p/.cmd/cs/.ce/7_0_A/.s/7_0_H2/_s.7_0_A/7_0_H2
  • The Securities and Commodities Authority at: http://www.sca.ae/english/index.asp

Market Trading Session:

The DFM & ADSM are open for trading from 10:00 to 13:00 every weekday except for public holidays. There is a pre-opening session from 9:30 - 10:00, where orders can be placed but can only be executed during the session

Executable Orders:

All or None Order (AON): A condition used on a buy or sell order to instruct the broker to fill the order completely or not at all.

Cancel Former Order: An order to cancel a previously placed order.

Limit Order: An order placed with a brokerage to buy or sell a set number of shares at a specified price or better.

Market Order (price-protected): An order to buy or sell a stock immediately at the best available current price. Upon the determination of the market price, a market order converts into a limit order and the stock can only be bought or sold at the limit order price or better until the order is completed. (this feature is not available on E-Trade)

Unpriced Order: An order to buy or sell a stock immediately at the best available current price. If the unpriced order cannot be completely filled, it does not convert into a limit order, and therefore the stocks can continue to be bought or sold irrespective of price until the order is completed. (this feature is not available on E-Trade)

Transactions which are subject to Fines:

  1. Prohibited Transactions:
    • Market Orders or Unpriced Orders may not be placed prior to or after the Market Trading Session
    • All other orders that are placed cannot be modified or cancelled between 9:50am - 10:00am.
    • Buy and Sell Orders for the same stock at the same price cannot be placed until they are executed.
    • Orders that are placed as All or None cannot be modified if the amendment is for a large price difference from the original order placed.

  2. Restrictions on Amounts Traded:

    Dubai Financial Market:
    Minimum Order: All trades valued at less than AED 15,000 must be placed as all or none.
    Maximum Order: There is no maximum amount for an order placed.
    Abu Dhabi Securities Market:
    Minimum Order: Orders less than AED 300,000 cannot be placed as an All or None order.
    Maximum Order: The maximum order amount is AED 10,000,000.

  3. Market Manipulation:

    Market practices designed to manipulate the price of stock listed on the U.A.E. exchanges are strictly prohibited. Therefore any order placed to manipulate the price of a stock which is later cancelled if the price approaches the trade price is prohibited. The orders deemed by the respective Market Control as an attempt to manipulate the market prices will be punishable by fines imposed by the market and may be cancelled at the Market Control's discretion.

    Execution of Time - Limited Orders (Weekly, Monthly or Good 'till Cancelled):
    Orders which do not expire if they are not executed immediately will be suspended if they are not within the range of the daily trading limits. Ansari Financial Services will resume the orders on a daily basis if the price is within the range of the daily trading limits. If you believe that the order is within the daily trading limit please contact one of our brokers in order to resume the order. You may modify or cancel the order at any time subject to the rules and regulations of the respective market. If the order is not cancelled or has not expired it shall be considered to be in good order and may be executed without giving you any prior notice that the order is no longer suspended.

    Orders Placed Outside of Market Trading Sessions:
    Non-prohibited orders or transactions may be placed at any time during the day (24 hours), not only during the Market Trading Sessions. Any order placed when the Market Trading Session is closed, will automatically be carried forward and queued for placement for the next Market Trading Session unless the order is cancelled by the user

    Inherent Risks of Market Trading:
    The Customer accepts that the price of Securities can and does fluctuate and any individual security may experience upward or downward movements and even become valueless. There is an inherent risk that losses may be incurred rather than profit as a result of buying and selling Securities. Securities purchased may become incapable of being sold. Investments should be made in light of careful analysis and only to the extent an investor can reasonably afford. The Customer must assure himself of his Broker's honesty and competence otherwise the Customer risks his investment being made inappropriately or even that they may be misappropriated and he may not get back the full amount originally invested.

   
Back to top





Copyrights 1999-2013 Ansari Financial Services
Phone Number 02-6968333
Version 3.16.6