Emirates NBD, Index Securities sign deal
Mohammed Ayman Al Jubeh, General Manager at Index Securities, and Deeptha Premasinghe, Head, General Clearing Member Services at Emirates NBD. - Supplied Photo
By Staff Report
Published: Mon 8 Jan 2018, 9:32 PM
Last updated: Mon 8 Jan 2018, 11:37 PM
Emirates NBD on Monday announced that it will provide clearing services to UAE brokerage firm Index Securities.
Emirates NBD signed the agreement with Index Securities in a ceremony attended by Khalid Al Shaikh, SCA head of Licensing, and senior officials from Dubai Financial Market (DFM), Abu Dhabi Securities Exchange (ADX), Emirates NBD and Index Securities.
The bank is the first UAE-based financial services entity to be approved by Securities and Commodities Authority (SCA) as a 'general clearing member' providing clearing and settlement services to trading participants of the UAE's equity markets.
"With the UAE's bourses gearing up for higher levels of trading activity, the country's brokerage industry is anticipating a revival in the foreseeable future. As the first qualified general clearing member for UAE equity markets, Emirates NBD is uniquely placed to support firms operating in the sector, and we are delighted to have been chosen by Index Securities to provide a range of services to enhance the efficiency of their business moving forward," said Tariq bin Hendi, executive vice-president and head of Products & Advisory, Emirates NBD Group.
Mohammed Ayman Al Jubeh, general manager of Index Securities, said: "The diversification of the brokerage license is an important step taken by the UAE's Securities and Commodities Authority to develop the brokerage industry in securities to achieve a higher level of protection for investors, reduce the burdens of brokerage companies, and improve the quality of the services provided by these companies. Our choice for Emirates NBD as a clearing member to carry out the clearing operations for the company's transactions was a natural fit due to the bank's efficiency and outstanding service, as well as its stature as the largest local licensed bank in providing clearing and settlement services to achieve greater protection for investors." - firstname.lastname@example.org