Friday 25 May 2018

Sarkar ... delighted to be the first approved general clearing
ember in the UAE

Emirates NBD gets Emirates SCA approval

UAE, June 12, 2017

Emirates NBD, a leading bank in the region, has announced that it has become the first UAE-based financial institution to obtain a general clearing member approval from the Emirates Securities and Commodities Authority (SCA).

Established in 2000, the SCA was set up with the aim of protecting investors and improving the efficiency of UAE capital markets through the development of the necessary legislations, the enhancement of supervisory regulations and the development of investment and legal awareness.

As a general clearing member, Emirates NBD can now provide clearing and settlement services to trading participants of the UAE’s equity markets, said a statement from the bank.

The approval reaffirms Emirates NBD’s role as a significant player in the UAE’s equity markets, offering a wider range of value added services, it said.

Brokerage firms that are trading members of the UAE’s stock markets namely Abu Dhabi Securities Exchange (ADX) and Dubai Financial Market (DFM), can now benefit from Emirates NBD’s trusted value added services and expertise as a general clearing member in securities clearing and settlement related activities, it added.  

The bank is currently the leading trade settlement bank to DFM.

Suvo Sarkar, senior executive vice president and group head – retail banking and wealth management at Emirates NBD, said: “We are delighted to be the first approved general clearing member in the UAE, a reflection of SCA’s faith in our capacity and capabilities to provide trusted services to the UAE’s financial markets.”

“Our operational expansion to become a clearing member will see us take a central role in the UAE’s equity markets as we offer trading members a range of services to manage securities market transactions,” Sarkar added.

In addition to greater operational and cost efficiency, Emirates NBD will offer trading members in the UAE with tools and products as well as access to credit facilities, thus providing a range of financially and operationally attractive service bundling, bringing in increased solidity to the UAE’s stock markets and its trading members, it stated. – TradeArabia News Service

Tags: | Emirates NBD |

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