Deutsche Bank, acting through its Amsterdam branch, is to provide General Clearing Member (GCM) services for non-clearing members (NCMs) of the Dubai International Financial Exchange (DIFX).
The GCM services are provided by the Bank’s Domestic Custody Services (DCS), part of its Global Transaction Banking business, for securities listed on the Dubai International Financial Exchange (DIFX).
Deutsche Bank says it is one of only two DIFX members offering both custody and clearing services.
Deutsche joined the DIFX as a member when the exchange originally opened in September 2005, and was the first member to start trading. It currently lists nine equity-related index certificates on the exchange. Since February 2006, as a sub-custodian, it has provided services including settlement, safekeeping and corporate actions.
With the introduction of its GCM services, Deutsche Bank can now provide trade execution, settlement and clearing, and custody. “General Clearing Member services are an important mechanism for facilitating trading on the exchange,” says Nasser Alshaali, Chief Operations Officer of the DIFX. We are delighted that Deutsche Bank is deepening its involvement with the DIFX as the exchange prepares for further listings.”
Roger Harrold, Global Head of Domestic Custody Services at Deutsche Bank, says the extension of the range of services from sub-custody to GCM services “underlines the commitment we have made to the development of the DIFX as an international exchange, and further enhances our role in supporting the region’s future success and the trading activity of our clients.”