Operations Management

Mubasher has an experienced team of operations professionals who handle multiple clients on daily basis with optimum and quick services.


Account Opening

When opening a customer account it is important to note the customer will be segregated under the overall umbrella of a master account that will be opened with Mubasher Financial Services BSC.

A Master Account will be opened by Mubasher Middle Office team pursuant to receipt of the following:

  • Authorized persons IDs
  • Authorized signatories and authorized traders lists
  • Customer agreements
  • Fully disclosed paperwork for the relevant market as needed
  • Price sheets
  • Express confirmation from customer RM of any additional documents as received

Sub-account creation usually comes under the purview of the client, and it is subjected to the overall control the client wants to exert over the sub account level.

For institutional clients, a Mubasher Admin Terminal (AT) with set permissions to create sub-accounts that will come under the master account can be issued in order to create and control sub-accounts. Alternatively, the sub-accounts are usually created by the customer during online registration which feeds information directly into the Admin Terminal for ease of viewing.

In the event only Activity Viewing is required, or that the client is the POA and can trade on the customer behalf, a Mubasher Dealer Terminal (DT) can be issued. DT would allow the client to view the client account or sub-account, whichever is applicable.

The difference between the Master Account and Sub-account is the control. As a single point of control feature, institutional clients can elect Mubasher to manage both master and sub account levels, however, in the interest of client transparency Mubasher suggests that clients manage their sub-accounts and that Mubasher simply perform the “maker-checker” function on behalf of the client for the sub-accounts affected.

The master account should reflect all underlying sub-account cash and holdings as a cumulative total. Hence any review of the sub-accounts should provide a detailed breakdown of the cash and/or holdings that have been applied. Standard operating procedure is for the client to control the sub and for Mubasher to control the master account.

CASH FLOW

The cash deposited by a client into the Mubasher bank account, will be accompanied by a notification of the deposit email being sent to the Mubasher Operations team, including a company of swift advice associated with the deposit. Withdrawals requests must be accompanied by signed withdrawal request letter from a relevant signatory sent by fax or scanned email attachment to Mubasher Operations team for processing. Only authorized persons with defined signatory authority can make a withdrawal request and have it auctioned.

SETTLEMENTS

For Settlements, market rules will govern the applicable settling of cash and shares. While Mubasher may allow a client to trade further on unsettled funds, it is strictly be on market by market basis, with only fully settled funds or shares being available for withdrawal. Share settlement may vary per market, and as such it is incumbent on any client to know the rules for the market in which they are trading. Mubasher will provide clients with market summary information, rules and timings, as well as, providing in-depth market related information via the Mubasher dealing desk during the relevant market hours. Client will settle with MFS in the respective exchange currency.

CORPORATE ACTIONS

Corporate actions processing for mandatory corporate actions will be performed by Mubasher with any market related notifications being provided directly to the Client Operations team from Mubasher Operations. Any voluntary corporate actions are performed on a “best efforts” basis, depending on the market and the required notification type and time frame.

COMMUNICATION BETWEEN MFS & CLIENT

Mubasher will accept multiple forms of communication from its clients. For Operations related matters email, facsimile and telephone communications are appropriate. However, it should be noted that withdrawal and/or share transfer requests must be accompanied by the required signed requests from an authorized person(s).

Trade confirmations, custody and rebate reporting as well as cash and holding statements are generally provide in PDF format and sent via email. These can however, be requested as excel spreadsheets that may be provided on a manual basis, as this format is not supported by the automated service.

Other specified reports and or account details can be provided upon request by the client.

Cash Deposit Process

1) When sub-account is managed by Client
2) When sub-account is managed by MFS

CASH WITHDRAWAL PROCESS

1) When sub-account is managed by Client
2) When sub-account is managed by MFS

The Cash Flow can also be demonstrated by following workflows. These incorporate the Delivery-Versus-Payment (DVP) mode too.

Fig. Cash Deposit


Fig. Cash Withdrawal


If you still have questions on our Operation processes and mechanisms, or would like to speak in details about these, feel free to Contact Us and our team shall guide you appropriately.

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