Emirates NBD obtains ‘SCA’s clearing member approval

Dubai / Emirates Business

Emirates NBD, a leading bank in the region, on Sunday announced that it is the first UAE-based financial institution to obtain General Clearing Member approval from the Securities and Commodities Authority (SCA), UAE.
As a General Clearing Member, Emirates NBD can now provide clearing and settlement services to trading participants of the UAE’s equity markets.
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. Brokerage firms that are Trading Members of the UAE’s stock markets, namely ADX and 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.
The bank is currently the leading trade settlement bank to Dubai Financial Market (DFM).
Commenting on the announcement, Suvo Sarkar, Senior EVP 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 the 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.”
In addition to greater operational and cost efficiency, Emirates NBD will offer Trading Members in the UAE 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.