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Dubai Financial Market Introduces General Clearing Member Service
(26 November 2017)

 

 Dubai Financial Market, DFM, has announced the launch of the General Clearing Member service, GCM, enabling approved local banks to provide brokerage firms with clearing and settlement services, following the completion of various technical and regulatory arrangements, as well as tuning the business model to accommodate the new services.

With this step, brokerage firms can now outsource the clearing and settlement functions to a GCM and focus their operations on the trading membership function only.

The regulations of the Securities and Commodities Authority, SCA, enable brokerage firms to operate as trading and clearing members, or as trading members only, noting that the latter requires fewer collateral requirements, as well as any other operational cost.

The DFM has accredited Emirates NBD Bank as the first GCM service provider, in line with SCA’s approval to the bank to become a GCM in local markets. The bank has signed agreements with its brokerage subsidiary, Emirates NBD Securities and Delma Brokerage, to provide clearing services to both companies.

Maryam Fekri, Chief Operating Officer, and Head of Clearing, Settlement and Depository Division of DFM, said, "We are delighted to launch the General Clearing Member service, as well as to welcome Emirates NBD as the first GCM service provider on DFM.

"This step underlines DFM’s efforts to further develop its business model, in line with international best practices of clearing, settlement and depository. We look forward to seeing DFM-licenced brokerage firms utilising this new service, which provides them the necessary flexibility and reduces their financial and operational commitments. Brokerage firms can now undertake the trading member role and outsource the clearing and settlement role to a GCM."

Tariq bin Hendi, Executive Vice President and Head of Products and Advisory at Emirates NBD Group, said, "As the first approved General Clearing Member for the UAE equity markets, we are pleased to support DFM’s ‘go live’ as trading members can now avail our trusted clearing and settlement services. As our service offering meets the key industry requirement, we are confident of onboarding and servicing more trading members in the near future."

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