There are still some very weird things going on at the Dubai Stock Market or rather, among the brokerages there. I have been exposed to stock markets worldwide but what we get here from time to time, should be on the front pages of all newspapers.
Lately another prime example happened to my colleague. He was trying to sell his Emaar shares through his broker at DFM at the market price. Usually, such a sell order takes only a few seconds to be executed. But...his order didn't go through after more than a week and it is still pending. When he complained to the broker, they told him that because his order was "small", it would have to be queued in a "special order" queue. Meaning, that clients with the largest order have priority to trade!
So if he is trying to sell 1000 shares and somebody comes in and sells 1 Mio. shares at the same price, the large order gets priority.
Brokers at DFM take a AED 45 comission on trades smaller than 15000 AED. Anything above AED 15000 gets them a 0,3% commission.
So...my friend contacted the DFM in order to inquiry about such a "priority law". Not susprisingly, such a law apparently does not exist. Even though he complained officially, the broker has never been warned or fined...nor was he able to sell his shares!
If you have any similar experiences, pls contact me.
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