Trade Rejections

Permitting Settlement Agents to reject sell and/or purchase trades for settlement if matched settlement instructions are not received from client, whereby the cash and securities settlement obligations of the rejected sell and/or purchase trade will be passed back to the selling and/or buying Clearing Member for settlement.

Dubai Clear provides Settlement Agents with the clients trading details reports at the end of trading day to enable the confirmation of orders. 

NIL

1. Settlement Agents submit trade rejection file in the pre agreed format through eServices by 9:45 on T+2 (the cut-off time for rejection submission)
   • The request should be submitted using the option “New Request for Trade Settlement Rejections – automated”.
   • In case of ETFs rejection, Settlement Agents submit trade rejection using option “Request from Trade Settlement Rejection – Manual”
   • In case of NIL rejections, the SA must submit the rejection form “ New Request for Trade Settlement Rejections – automated” and tick the NIL box.
   • In case the Settlement Agent submitted multiple rejection files, the system will automatically process the latest file and reject all previous submissions.
2. Dubai Clear will auto process the rejections by 9:50 am on T+2. If the received auto rejection file contained any mismatch trade data, Dubai Clear will contact the concerned Settlement Agent by 10:00 am to upload manual rejection file through the eService using option “Request from Trade Settlement Rejection – Manual” for only the mismatch cases. The cut off time for receiving the manual rejection file will be 10:15 am, after which any non-rejected trades will be considered as accepted trades.
3. By processing the rejections, both cash and securities obligations will move from Settlement Agent to:
   In case of Buy Rejection: buying clearing member Client Buy Rejection Account.
   In Case of Sell Rejection: selling clearing member Sell Rejection House Account.
4. Dubai Clear will accept or reject the request based on its status and update the eServices portal

Trade rejection file in the pre agreed format

Online through eServices