DIFC Appoints Lynton Jones Chairman Of Dubai Regional Financial Exchange

by Lorys Charalambous, Tax-News.com, Cyprus

31 July 2003

The Dubai International Financial Centre announced this week the appointment of Lynton Jones to the post of chairman of the proposed Dubai Regional Financial Exchange.

After leaving the diplomatic service in the 1980's, Mr Jones has built up an impressive track record of management at some of the world's most notable financial exchanges including the London Stock Exchange, NASDAQ's European operation which he set up in 1987, and the International Petroleum Exchange, where he was Chief Executive between 1996 and 1999. Additionally, Mr Jones advises numerous international clients through the financial services consultancy he founded, known as Bourse Consult.

"I am delighted that Lynton Jones is joining us. He brings to DIFC extensive international knowledge and experience in the stock exchange and related fields and I am certain he will be a valuable asset to our organisation and the region," said Naser Nabulsi, Chief Executive Officer of the DIFC, of Jone's appointment. "Lynton has a proven track record as an innovator and shares my vision of the exchange as the engine driving the DIFC and generating new opportunities for investment, business growth and employment across the whole of the Middle East."

On the progress of the fledgling market, Mr Nabulsi commented: "There is much still to be done - but we expect the DIFC to be open for business and issuing licenses in what is really a remarkably short time. As regards the Regional Financial Market itself, that will take a little longer - though I anticipate that it will be in operation by the end of next year."

Meanwhile, Mr Jones promises a new and innovative type of financial market. "This will be totally electronic and will not be restricted to just one kind of product," observes Jones. "Instead it may, for example, include derivatives as well as equities, bonds and other products."

"My immediate tasks when I begin in September are to draw up a development blueprint to put to the DIFC board, to open discussions with potential partners and then to start hiring staff for the Regional Financial Exchange," the new DIFC chairman explained.

In order to make the new market more accessible and attractive to international investors, the regulations have been based on financial jurisdictions such as the City of London. Moreover, these regulations have been drafted entirely in English.

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