Emirates NBD, a leading bank in the region, has announced that it will provide Clearing Member services to its subsidiary, Emirates NBD Securities making the brokerage firm, the first trading member to sign with the bank.
The announcement follows ‘SCA - Securities and Commodities Authority, UAE’s approval of Emirates NBD as its first General Clearing Member providing clearing and settlement services to trading participants of the UAE’s equity markets.
The signing ceremony took place in the presence of Dr Maryam Buti Al Suwaidi, deputy CEO for Licensing, Supervision and Enforcement, Assistant Under Secretary, SCA - Securities and Commodities Authority; Khalid Al Shaikh – ‘SCA head of Licensing; Hassan Al Serkal, head of Operations Division of Dubai Financial Market (DFM); Maryam Mohd Fekri – head of Clearing, Settlement and Depository Division of Dubai Financial Market (DFM); and Mohamed Al Muhairi – head of Clearing, Settlement and Depository Division of Abu Dhabi Securities Exchange (ADX) and senior officials from Emirates NBD.
Dr Al Suwaidi stated that the signing of this agreement follows the selection of Emirates NBD as the first General Clearing Member in the regional financial market and is a testament to the country’s efforts in continuously improving its markets in accordance to global best practice to meet the needs of international trading partners.
Dr Al Suwaidi added that ‘SCA expects Emirates NBD, as its first General Clearing Member, to contribute towards achieving the aspired objectives in regards to the classification of brokerage companies as ‘Trading member’ and ‘Trading and Clearing Member’ which will encourage other UAE brokers to seriously consider becoming ‘Trading Member’ instead of ‘Trading and Clearing Member’.
“We are pleased to offer clearing services to Emirates NBD Securities,” said Tariq Bin Hendi, executive vice president and head of Products & Advisory, Emirates NBD Group.
“As we consolidate our position as a central and trusted player in the UAE’s equity markets, we look forward to offering other UAE brokers a range of services to support their trading and manage risk. We are working closely with a number of other prospective members and expect to make further announcements as we secure new participants.”
Moosa Ahmed, general manager, Emirates NBD Securities shared that this step will further improve the range of services provided by Emirates NBD Securities to their valued clientele as well as the overall operational efficiency for the brokerage sector in UAE.
Emirates NBD Securities is currently a leading brokerage firm in the UAE with a diversified and growing client base, underscored by a robust customer care centre, dedicated relationship managers, multi-markets to invest in, as well as other products and services.
Source: Trade Arabia