Emirates NBD to offer clearing services to Shurooq Stocks and Bonds

Emirates NBD today announced the signing of an agreement to offer clearing services to UAE-based brokerage firm Shurooq Stocks and Bonds.

Emirates NBD is the first UAE-based financial services entity to be approved by the Securities and Commodities Authority, SCA, as a ‘General Clearing Member’ providing clearing and settlement services to trading participants of the UAE’s equity markets.

Speaking on the announcement, Tariq bin Hendi, Executive Vice President and Head of Products and Advisory at Emirates NBD Group, said, "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 and Bonds and expect more brokerage firms to avail our services going forward."

Hassan Al Shamsi, Chairman of Shurooq Stocks and 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."