HSBC becomes the first international general clearing member in the Dubai financial market

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 trading members of DFM.

The introduction of the GCM service on DFM by HSBC is part of a program of collaboration 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 from May. It is also studying the possibility of offering the clearing of equity futures contracts, 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 towards a series of market accessibility improvements planned as part of our growth strategy. HSBC’s regional and international footprint and expertise in capital markets will, I believe, help accelerate our growth plans.

Abdulfattah Sharaf, Managing Director of HSBC UAE and Head of HSBC International, said: “Being the first international general clearing member in the Dubai financial market fits well with HSBC’s ambition to be the preferred international financial partner of our customers all over the world.

“The appetite of international investors for securities issued by governments and companies in the region is strong and growing and our new role as a general clearing member on the DFM will allow clients of HSBC’s global network to invest in the potential here.”

In corporate news, HSBC reported 2021 after-tax profit of $14.7 billion and pre-tax profit of $18.9 billion.

Read: HSBC bank’s after-tax profit rises from $8.6 billion to $14.7 billion in 2021

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