The Dubai Financial Market (DFM) has officially launched two new subsidiaries - Dubai Clear and Dubai CSD.
Dubai Clear is the region’s first independent company central counterparty (CCP) for equity clearing and Dubai CSD, the UAE’s first independent central securities depository (CSD) company.
It's part of efforts to upgrade post-trade services in the UAE and further protect investors.
The announcement was marked by a virtual bell-ringing ceremony that was livestreamed through DFM's YouTube channel.
The two companies, which have received approvals from the Securities and Commodities Authority (SCA) and Dubai’s Department of Economic Development (Dubai Economy), can tap into a DFM investor base.
“This is a significant step towards implementing a roadmap for upgrading the UAE financial markets to advanced market status,” said Sultan bin Saeed Al Mansoori, Minister of Economy and Chairman of the Securities and Commodities Authority.
“The two new independent companies for clearing and depository are a significant milestone aimed at strengthening UAE markets’ infrastructure and competitiveness,” said Essa Kazim, chairman of DFM.