Emirates NBD to provide clearing services for Index Securities

Dubai: Emirates NBD has announced it will provide clearing services to UAE brokerage firm Index Securities.

The bank is the first UAE-based financial services entity to be approved by ‘SCA — Securities and Commodities Authority as a ‘General Clearing Member’ providing clearing and settlement services to trading participants of the UAE’s equity markets.

“With the UAE’s bourses gearing up for higher levels of trading activity, the country’s brokerage industry is anticipating a revival in the foreseeable future. As the first qualified General Clearing Member for UAE equity markets, Emirates NBD is uniquely placed to support firms operating in the sector, and we are delighted to have been chosen by Index Securities to provide a range of services to enhance the efficiency of their business moving forward,” said Tariq Bin Hendi, Executive Vice-President and Head of Products & Advisory, Emirates NBD Group.