KAS Bank says the Dubai International Financial Exchange (DIFX) has accepted it as a General Clearing Member. The bank will offer sub-custodian services to users of the exchange.
KAS Bank is the tenth firm to become a Member of the DIFX since the exchange opened for business on 26 September last year, but the first to be based in continental Europe.
“We welcome KAS BANK as it joins the growing list of companies that have become Members of the DIFX,” says Steffen Schubert, Chief Executive of the DIFX. “Its participation is further recognition that the DIFX is seen as key to gaining access to the large pool of liquidity available in the region.”
Albert Rell, Chairman of the Board of Managing Directors at KAS BANK added that KAS was delighted to become the first bank to offer clearing services to other trading members of the exchange. “We look forward to providing a range of services to banks and brokers, whether they are based in the Middle East, Europe, or elsewhere, to facilitate them trading on the DIFX,” he says. “We have been successful in offering our services in the UAE for over 20 years now and consequently we expect to be able to support many banks and brokers with sub-custody services for products traded on this exchange as well.”
Nasser Alshaali, Chief Operations Officer of the DIFX, reckons the arrival of KAS Bank reflects growing international confidence in the exchange. “This will help to develop growing trading opportunities,” he says. “We are also very pleased with the custodial services KAS Bank will provide to DIFX into Europe to facilitate dual listings.”
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.