Dubai Financial Market launches GMC service
November 27, 2017
Anna Omelchenko/Shutterstock

Dubai Financial Market says it has launched a general clearing member (GCM) service. It says this will enable approved local banks to provide brokerage firms with a clearing and settlement service, following the completion of technical and regulatory arrangments.

This will enable brokerage firms to focus their operations on their trading membership function, notes the DFM, so reducing collateral requirements and operational costs.

The Emirates NBD Group has become the first approved GCM for the UAE equity markets.





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Dubai Financial Market says it has launched a general clearing member (GCM) service. It says this will enable approved local banks to provide brokerage firms with a clearing and settlement service, following the completion of technical and regulatory arrangments.

This will enable brokerage firms to focus their operations on their trading membership function, notes the DFM, so reducing collateral requirements and operational costs.

The Emirates NBD Group has become the first approved GCM for the UAE equity markets.



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