Business

Emirates NBD, a leading bank in the region, today introduced the signing of an agreement to supply cleaning services to UAE-based broker agent company Shurooq Stocks & Bonds.

Emirates NBD is the very first UAE-based financial services entity to be approved by 'SCA - Securities and Commodities Authority as a 'General Cleaning Member' providing cleaning and settlement solutions to trading individuals of the UAE's equity markets. The signing event occurred in the existence of Mr. Khalid Al Shaikh, 'SCA Head of Licensing, in addition to senior officials from Dubai Financial Market (DFM), Abu Dhabi Securities Exchange (ADX), Emirates NBD and Shurooq Stocks & Bonds.

"Being the first qualified General Cleaning Member in the UAE, Emirates NBD supplies an exceptional economic suggestion to trading members and brokerage companies in the country, giving them with the services needed to boost their operational and expense efficiencies. With a more powerful regulatory atmosphere in place made in order to help trading members, we are pleased to welcome onboard Shurooq Stocks & Bonds and anticipate more brokerage companies to get our solutions moving forward," claimed Tariq Bin Hendi, Executive Vice President and Head of Products & Advisory, Emirates NBD Group.

Mr. Hassan Al Shamsi - Chairman of Shurooq Stocks & Bonds, said: "We want to give thanks to Emirates NBD for their incorporated approach to stock exchange negotiations which will add depth to the UAE's equity markets. We expect functioning very closely with the bank on our transactions."

Seen below in the picture are Mr. Saif Hassan Al Shamsi, Partner at Shurooq Supplies & Bonds, and Mr. Deeptha Premasinghe, Head, General Clearing Member Solutions at Emirates NBD.

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