On Tuesday, Dubai Financial Market (DFM) welcomed the British multinational investment bank HSBC to join the market as the first International General Clearing Member (GCM).
This will enable the bank to provide clearing and settlement services to its customers worldwide and to other DFM trading members.
The introduction of GCM service on DFM by HSBC is part of a collaboration programme between the two entities to strengthen market infrastructure and connectivity with international and institutional investors.
HSBC is expected to offer its GCM service on DFM Equity Market starting in May. It is also looking at the opportunity to offer equities futures clearing, Dubai Media Office reported.
Hamed Ali, CEO of DFM and Nasdaq Dubai, said: “We are delighted to welcome HSBC as the first international GCM on DFM. 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. HSBC’s regional and international footprint and capital markets expertise will, I believe, help accelerate our growth plans.”
Abdulfattah Sharaf, chief executive officer, HSBC UAE and head of international, HSBC, said: “Being the first international general clearing member on the Dubai Financial Market aligns well with HSBC’s ambition to be the preferred international financial partner of our clients around the world.
“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.”
Furthermore, the bank reported a net profit of $14.7 billion and revenues of $18.9 billion for the year 2021.
