Business | Banking

Deutsche Bank to provide custodial services to DFM securities

Dubai Financial Market (DFM) and Deutsche Bank have announced on Monday that they have signed a Depository Participant Agreement (DPA). The agreement will enable Deutsche Bank to provide custody of DFM-listed securities to institutional and international clients, thus helping to broaden the market's investor base.

  • Staff Report
  • Published: 14:45 September 15, 2008
  • Gulf News

Dubai: Dubai Financial Market (DFM) and Deutsche Bank have announced on Monday that they have signed a Depository Participant Agreement (DPA).

The agreement will enable Deutsche Bank to provide custody of DFM-listed securities to institutional and international clients, thus helping to broaden the market's investor base.

With the signing of this agreement, Deutsche Bank is now able to offer custody services across the UAE's on-shore and offshore exchanges.

Essa Kazim, Chairman of DFM said: "Depository participant services are an essential element in the process of securities investment, and we are keen to constantly keep abreast of the different segments of investor's needs. DFM seeks to provide more options for investors via a set of the best local and global banking institutions, and will work continuously to strengthen these services through cooperation with more prestigious banks."

By acting as a depository participant Deutsche Bank will be able to offer custodial services in the market for DFM-listed securities.

These services include, but are not limited to: account management, protection of client assets, settlement of securities activity, handling post trade issues, collection and payment of dividends and interest, and the processing of corporate action activities in the market.

Through the signing of the DPA, Deutsche Bank joins three leading financial institutions that have already signed similar agreements with DFM to provide sophisticated depository participant services to local, regional and global investors.

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