A step that facilitates global investors' access to the UAE capital markets
Emirates NBD Capital Introduces 'Custody' Services
During the celebration of the joining of «Emirates NBD Capital» to the members of «custodian» in the capital markets in Dubai. From the source
Dubai Financial Market (DFM) and NASDAQ Dubai announced that Emirates NBD Capital has joined the list of "custodian" service providers on the two exchanges, after the company obtained a license from the Securities and Commodities Authority (SCA) to provide these services.
Emirates NBD Capital's entry into this field is an important step in the context of efforts to expand the scope of securities custody services in Dubai's capital markets, and in line with the Dubai Economic Agenda D33 aimed at strengthening Dubai's position as a global trade and investment destination.
The "custodian" activities provided by licensed banks to their clients include a variety of services, including: segregation and custody of securities, cash management, transfer, securities collateral lending, settlement of transactions, and management of corporate procedures.
Hamed Ali, Chief Executive Officer of DFM and Nasdaq Dubai, said: "We welcome Emirates NBD Capital as the newest custodian member of DFM and Nasdaq Dubai, considering this an important step in the development of post-trade services.
He added: "Custody is an essential component of the stock market infrastructure and is particularly important in terms of custody on behalf of asset management companies."
Mohammed Al Bastaki, Chief Executive Officer of Emirates NBD Capital, said: "The Group's new global custody solutions, in collaboration with PNY Mellon, our strategic alliance partner and the world's largest custody banking institution, allow us to offer custodianship services to our customers across multiple geographies.
"The custody services will facilitate global investors' access to the UAE capital markets and will contribute to the development of post-trade services across the securities value chain."