Deutsche Bank is to offer sub-custodian services to investors in securities listed on the Dubai International Financial Exchange (DIFX).
Deutsche Bank joined the DIFX as a Member when the exchange opened in September 2005. It has listed nine equity-related index certificates on the exchange. As a sub-custodian, it will provide services including settlement, safekeeping and corporate actions.
Nasser Alshaali, Chief Operations Officer of the DIFX, said: “Deutsche Bank was one of our first Member banks. Its continued support and its appointment as a sub-custodian will facilitate trading activity on the DIFX as we prepare for more Members and products to come on board in coming months.”
Roger Harrold, Head of Domestic Custody Services at Deutsche Bank commented: “This not only reinforces Deutsche Bank’s commitment to the custody industry, but clearly shows that we are looking to extend our products and services to those markets where there is client demand.”
The DIFX describes itself as the first international financial exchange for equities, bonds, Islamic products, funds, index products and derivatives in the Middle East. Its principal target audience is issuers in the Middle East and North Africa, as well as South Africa, Turkey and the Indian sub-continent.