On the Dubai Financial Market, HSBC becomes the first international general clearing member. Dubai Financial Market (DFM) has announced that HSBC has joined the market as the first international General Clearing Member (GCM).
The bank will be able to provide clearing and settlement services to its customers across the world and other DFM trading members.
HSBC is a new General Clearing Member of DFM:
HSBC’s launch of the GCM service on DFM is part of a joint initiative to improve market infrastructure and connection with foreign and institutional investors.
Starting in May, HSBC plans to make its GCM service available on DFM Equity Market. According to the Dubai Media Office, it is also considering offering equities futures clearing.
“We are happy to welcome HSBC as the first international GCM on DFM,” stated Hamed Ali, CEO of DFM and Nasdaq Dubai. The addition of HSBC’s GCM service to DFM is a significant step toward a series of market accessibility advancements anticipated as part of our development strategy. I believe that HSBC’s regional and worldwide reach, as well as capital markets skills, will aid in the acceleration of our expansion objectives.”
“Being the first international general clearing member on the Dubai Financial Market matches perfectly with HSBC’s mission to be the chosen international financial partner of our clients across the world,” said Abdulfattah Sharaf, chief executive officer, HSBC UAE, and head of international, HSBC.
“International investors’ desire for securities issued by governments and corporations in the area is strong and increasing, and our new role as a general clearing member on the DFM will allow customers throughout HSBC’s worldwide network to participate in the region’s potential.” Also, HSBC recorded a profit after tax of $14.7 billion in 2021 and a profit before tax of $18.9 billion.