According to Emirates News Agency, Dubai Clearing Company is the first independent company in the field of central counterparty / CCP / securities at the regional level, while Dubai Central Depository Company is the first independent company for central securities depository services in the UAE.
The Dubai Financial Market organized a virtual celebration today, Tuesday, to ring the opening of the market on the occasion of the official launch of the two new companies, and its facts were broadcast through the video clips of the market on YouTube and market accounts on other social media sites.
The two pioneering companies rely on the world-class regulatory frameworks issued by the Securities and Commodities Authority, in addition to the advanced technical infrastructure that was made possible by the successful transition to the Packaged CCP integrated platform from Nasdaq International starting from Sunday, March 15, 2020, which places them in an ideal position to create A paradigm shift in the area of post-trading services in the UAE.
This achievement culminates in intensive efforts made over the past two years to develop the market structure and post-trading services in accordance with international best practices, in order to devote its leading position in leading the development efforts in the financial markets sector locally and regionally, knowing that the launch of Dubai Clearing Company and Dubai Depository Company comes after the completion of all licenses The official approvals required by the Securities and Commodities Authority and the Department of Economic Development in Dubai Economic Dubai.
His Excellency Sultan bin Saeed Al Mansoori, Minister of Economy and Chairman of the Board of Directors of the Securities and Commodities Authority, said: The inauguration of the Dubai Clearing Company comes in light of the efforts of the Authority and the Dubai Financial Market to develop financial market institutions in accordance with the best international standards and practices. It is also an important step on the road to implementing a road map to upgrade markets Finance to developed markets.
His Excellency clarified that the authority paved the way for licensing clearing companies of international recognition by issuing the authority’s chairman’s decision No. / 22 / RM / for the year 2016 regarding organizing the business of the central clearing company with the aim of organizing clearing operations in the stock market and redistributing the tasks implemented within the financial market , So that the market moves from the head model to the horizontal model in organizing activities, as an independent company will undertake clearing activities in securities and another for filing.
For his part, His Excellency Issa Kazim, Chairman of the Dubai Financial Market Company said: In conjunction with the twentieth anniversary of the founding of the Dubai Financial Market and in the context of our continuous efforts to develop the market structure and raise its institutional distinction to new heights, we are pleased today to accomplish one of the most important new leadership initiatives for the market by launching the two independent companies Central clearing and deposit as a joint developmental step that enhances the structure and competitiveness of the ...
