Dubai Financial Market Adds HSBC as First International Clearing Member

The bank will start offering its GCM services in April.

It is also looking to expand services in the equities futures clearing.

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HSBC is expected to start offering its GCM services by next month on DFM Equity Market.

“The introduction of HSBCs GCM service on DFM is a key step toward a series of enhancements to market accessibility planned as part of our growth strategy,” said Hamed Ali, the CEO of DFM and Nasdaq Dubai.

“HSBCs regional and international footprint and capital markets expertise will, I believe, help accelerate our growth plans. We are witnessing growing demand for direct connectivity on DFM from regional and international investors and launching this new service responds directly to that growth in market activity.”

A Broader Collaboration

The official press release further highlighted that the latest addition of HSBC as a GCM came as a part of its wider collaboration with the Dubai-based stock exchange. The entities are aiming to enhance market infrastructure and connectivity with international and institutional investors.

The DFM has developed its post-trade infrastructure under the subsidiary, Dubai Clear. It cleared and settled trades valued over AED 72 billion through its CCP framework last year.

Meanwhile, HSBC is looking at the opportunities for expanding its services to equities futures clearing.

“Being the first international general clearing member on the Dubai Financial Market aligns well with HSBCs ambition to be the preferred international financial partner of our clients around the world,” the CEO and International Head of HSBC UAE, Abdulfattah Sharaf said.

“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 HSBCs global network to invest in the potential here.”