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ABU DHABI / WAM
Abu Dhabi Securities Exchange (ADX) declared its technical and logistical readiness to provide general clearing service, in a move to improve performance of financial markets in the UAE and promote them among global markets over the coming period.
The Securities and Commodities Authority (SCA) had granted Emirates NBD, the license for the service after modifications on brokerage regulations in a regionally unique move that is expected to pave the way for many small brokerage companies to be transformed into full trading members, which will reduce operational costs and increase financials.
ADX has also confirmed that all its systems do cope with the highest global standards that would facilitate the work of general clearing members after securing the required procedures for this service.