HSBC Securities Services has launched a new global custody operating model in the Middle East.
The development, targeted at regional clients, aims to improve operating infrastructure by improving turnaround times, better cut-off times for trade, corporate action and payment instructions. Custody and cash reporting has also been introduced on Saturdays and Sundays. A new dedicated Middle East processing centre has also been opened in Hong Kong.
Jayant Rikhye, Head of HSBC Securities Services, Middle East & North Africa, said: The successful launch of our new operating model will allow us to provide a greatly enhanced service to new and existing global custody clients. The Middle East is an important region for us and we will continue to focus on developing and tailoring our services to meet their unique requirements.
The announcement comes weeks after Standard Chartered announced the launch of custody and clearing services in Bahrain and Oman.
Global Custodian learnt in June 2009 that Standard Chartered aimed to expand its securities services business to six new markets in the Middle East by 2010. According to industry sources at the time, Bahrain, Oman and Qatar, plus three other markets, will see an increased presence as Standard Chartered looks to challenge HSBC as the regional leader in securities services.
The Middle East equity derivatives market is likely to expand in 2010 compared to last years levels, according to 79% of fund managers and brokers polled in a recent survey by NASDAQ Dubai, making regional custody and clearing a key asset for global custodians.