HSBC becomes first international general clearing member on Dubai Financial Market
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HSBC becomes first international general clearing member on Dubai Financial Market

HSBC becomes first international general clearing member on Dubai Financial Market

The bank will be able to provide clearing and settlement services to its customers worldwide and to other DFM trading members

HSBC has become the first international General Clearing Member (GCM) to join the market, Dubai Financial Market (DFM) has announced.

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.”

In related company news, HSBC reported 2021 profit after tax of $14.7bn and reported profit before tax of $18.9bn.

Read: HSBC Bank’s profit after tax up from $8.6bn to $14.7bn in 2021

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