RIYADH: HSBC has become Dubai Financial Market’s first international general clearing member, the bourse announced on Tuesday.
The bank will provide clearing and settlement services to customers of its own, as well as DFM traders across the globe.
HSBC is expected to start delivering GCM services to Dubai’s stock market in May. It is also studying offering equities futures clearing, Dubai Media Office reported.
“The introduction of HSBC’s GCM service on DFM is a key step toward a series of enhancements to market accessibility planned as part of our growth strategy,” said Hamed Ali, CEO of DFM and Nasdaq Dubai.
“HSBC’s regional and international footprint and capital markets expertise will, I believe, help accelerate our growth plans,” he added.
The move is part of a collaboration between both parties to boost the market’s infrastructure and connectivity with investors, both institutional and individual.
