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DUBAI / WAM
The Dubai Financial Market (DFM) on Tuesday officially launched its new subsidiaries, Dubai Clear and Dubai CSD.
Dubai Clear is the region’s first independent company central counterparty (CCP) for equity clearing, and Dubai CSD is the UAE’s first independent central securities depository (CSD) company.
To celebrate the official launch of the two new companies, the DFM organised a virtual bell-ringing ceremony that was broadcast through DFM’s channel on YouTube as well as other social media accounts.
The two companies are now poised to fully transform the post trade services scene in the UAE, following the support by the regulatory framework of the Securities and Commodities Authority.
and the implementation of Nasdaq’s Packaged CCP platform on March 15.
This launch crowns DFM’s extensive efforts throughout the past two years to enhance market structure and post trade services in line with international best practices, which further strengthen its leadership in driving capital markets development in the UAE and the region.