Dubai - Mubasher: The Dubai Financial Market (DFM) has announced HSBC as the first international general clearing member (GCM) in the market.
This step will enable the bank to offer clearing and settlement services to its customers across the world and to the DFM trading members, according to a bourse filing on Tuesday.
In addition to providing its GCM service on DFM Equity Market from May, the bank seeks to offer equities futures clearing.
The CEO of DFM and Nasdaq Dubai, Hamed Ali, said: "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."
Meanwhile, the CEO of HSBC UAE and Head of International of HSBC, Abdulfattah Sharaf, commented: "The appetite of international investors for securities issued by governments and corporates in the region is large and growing and our new role as a general clearing member on the DFM will enable clients across HSBC’s global network to invest in the potential here."
