Clients Central Risks System
31-Dec-2014
In order to regulate and to develop the Jordanian capital market, the Jordan Securities Commission’s Board of Commissioners decided that on January 1.2015, the Clients Central Risks System will be available to Financial Brokerage Companies according to times specified in the Commission’s circular forwarded to all these companies as follows:
From 7:00 a.m. to 10:00 a.m.: The System will merely allow downloading the file of the client’s information of central risks as at the end of the previous working day.
From 10:30 a.m. to 6:00 p.m.: The System will allow the broker to inquire about his client’s information of central risks.
From 6:00 p.m. to 7:00 a.m.: The System will be closed.
The Central Risks System is an Electronic System enabling the Financial Broker to inquire about his client’s indebtedness with other brokers by a properly written and signed authorization of his client, so that the Financial Broker can take the proper decision of whether to deal with this client or not in view of his indebtedness with all other Financial Brokers.
The System aims to enhance the trust of investing in the securities market and to reduce the risks facing Financial Brokerage Companies when they finance their clients to purchase securities. It enables companies to inquire about their clients accounts receivables and guarantees provided in return of these accounts receivables with other Financial Brokerage Companies.