Dubai – Mubasher: Emirates NBD will provide Clearing Member services to its subsidiary Emirates NBD Securities, making the latter the first trading member to sign with the bank, a statement said on Monday.

This comes after the UAE’s Securities and Commodities Authority (SCA) approved Emirates NBD as the first General Clearing Member for trading members in the UAE’s equity markets and the regional financial market, the statement added.

“[The] SCA expects Emirates NBD, as its first General Clearing Member, to contribute towards achieving the aspired objectives in regards to the classification of brokerage companies as ‘Trading Member’ and ‘Trading and Clearing Member’,” according to assistant undersecretary of the SCA Maryam Buti Al Suwaidi.

"[This] will encourage other UAE brokers to seriously consider becoming ‘Trading Member’ instead of ‘Trading and Clearing Member’," she added.

“We are working closely with a number of other prospective members and expect to make further announcements as we secure new participants,” executive vice president and head of Products and Advisory at Emirates NBD Group Tariq Bin Hendi said.