Equities trading in the Gulf Cooperation Council (GCC) has been boosted after the Global Association of Central Counterparties (CCPs) admitted Dubai Clear as a member of the CCP12.
A subsidiary of Dubai Financial Market, Dubai Clear was set up in April 2020 as the first CCP to clear local equities in the GCC region.
The post-trade service uses technology from Nasdaq and provides clearing for cash securities and derivatives.
Since launch it has provided clearing for more than US$5.1 billion worth of securities and derivatives.
The association represents 38 members, who operate more than 60 individual CCPs globally.
“We look forward to working closely with our peers in the association to share our experiences, gain insights to best practices adopted to grow our CCP services across the region and reinforce safety and confidence in clearing and settlement for our marketplace,” said Maryam Fekri, chief executive of the Dubai Central Clearing and Depository Holding and senior advisor to Dubai Clear.
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