Brokerages in the UAE are poised to see income decline as the countries regulator, the Securities and Commodities Authority (SCA), plans to reduce the amount of brokerage fees by 17%. SCAs acting CEO Obaid Al Zaabi said that the change is intended to encourage firms to become full-fledged financial institutions. The move could have a moderately negative impact on UAE banks fees. NBAD, UNB and ADIB are some of the UAE banks which have their own brokerage businesses. The adjustment will take effect after publication in the official gazette. (Bloomberg, Shabbir Malik, Murad Ansari)
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