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Emirates NBD, a leading bank in the region, announced that UAE-based Amwal Brokerage has signed up as trading member to avail the bank’s settlement and clearing services.
Following approval by ‘SCA - Securities and Commodities Authority as a ‘General Clearing Member’, Emirates NBD has added several clients to its growing portfolio making it the market leader in providing clearing and settlement services to trading participants of the UAE’s equity markets.
“We are delighted to have been chosen by Amwal Brokerage to provide a range of tools and services to enhance their operational efficiency. As we continue to enhance our offering to trading members to help them reduce financial and operational commitments, we look forward to onboarding more members in the near future,” said Tariq Bin Hendi, Executive Vice President and Head of Wealth Products & Advisory for Retail Banking & Wealth Management, Emirates NBD Group.
Saif Sultan Abdulla Al-Salami, Chairman at Amwal Brokerage, said: “We are delighted to partner with Emirates NBD, the UAE’s first authorised General Cleaning Member, to provide us clearing and settlement services as we aim to strengthen our trading. Our partnership is aligned to our continuous endeavour to provide customers with superior services that meet the highest standards of efficiency and transparency.
“We would also like to thank the Securities and Commodities Authority for their continuous efforts towards improving the overall legislative and regulatory framework of financial markets, which will potentially contribute to an upgrade in the UAE’s classification to a developed market in the future,” added Al-Salami.
Seen here in the picture are Saif Sultan Abdulla Al-Salami, Chairman at Amwal Brokerage, and Deeptha Premasinghe, Head, General Clearing Member Services at Emirates NBD
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