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Emirates NBD, Shurooq S&B sign pact for clearing services
December 28, 2017
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Dubai: Emirates NBD, a leading bank in the region, on Wednesday announced the signing of an agreement to offer clearing services to UAE-based brokerage firm Shurooq Stocks & Bonds.

Emirates NBD 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. The signing ceremony took place in the presence of Khalid Al Shaikh, ‘SCA Head of Licensing, along with senior officials from Dubai Financial Market (DFM), Abu Dhabi Securities Exchange (ADX), Emirates NBD and Shurooq Stocks & Bonds.

“Being the first qualified General Clearing Member in the UAE, Emirates NBD offers an unparalleled financial proposition to trading members and brokerage firms in the country, providing them with the services needed to enhance their operational and cost efficiencies. With a stronger regulatory environment in place designed to help trading members, we are pleased to welcome onboard Shurooq Stocks & Bonds and expect more brokerage firms to avail our services going forward,” said Tariq Bin Hendi, Executive Vice President and Head of Products & Advisory, Emirates NBD Group.

Hassan Al Shamsi - Chairman of Shurooq Stocks & Bonds, said: “We want to thank Emirates NBD for their integrated approach to stock market settlements which will add depth to the UAE’s equity markets. We look forward to working closely with the bank on our transactions.”

Seen here in the picture are Saif Hassan Al Shamsi, Partner at Shurooq Stocks & Bonds, and Deeptha Premasinghe, Head, General Clearing Member Services at Emirates NBD.

Emirates NBD’s total assets were Dhs461.1 billion, (equivalent to approx. $125 billion). The Group has a significant retail banking franchise in the UAE and is a key participant in the global digital banking industry, with over 90 per cent of all financial transactions and requests conducted outside of its branches. The bank was declared the Most Innovative Financial Services Organisation of the Year at the 2017 BAI Global Innovation Awards.

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