UAE Business: HSBC becomes general clearing member at DFM – Gulf Digital News

UAE Business: HSBC becomes general clearing member at DFM – Gulf Digital News

Dubai Financial Market (DFM) has welcomed HSBC as the first international General Clearing Member (GCM) to join the market, thus enabling 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 wider collaboration programme between the two entities aimed at enhancing 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.

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. We are witnessing growing demand for direct connectivity on DFM from regional and international investors and launching this new service responds directly to that growth in market activity," noted Ali.

Abdulfattah Sharaf, CEO, HSBC UAE and Head of International, said: "Being