Thu 08/11/2022 12:17 PM
DUBAI, 11th August, 2022 (WAM) — Dubai Clear, a subsidiary of Dubai Financial Market (DFM), and Securities Clearing Center Company “Muqassa”, a subsidiary of Saudi Tadawul Group, have signed a Memorandum of Cooperation (MoC), creating a general framework to strengthen collaboration and share knowledge on central clearing services as well as to actively explore ways to improve these services in line with international best practices.
The MoC was signed by Fatma bin Qedad, Managing Director of Dubai Clear, and Wael Abdullah Al Hazzani, CEO of Muqassa.
The agreement aims to lay the foundation for close relations between the two parties in several areas of cooperation, including sharing knowledge and information, exploring opportunities for collaboration in the development and formation of central clearing and the joint organization of events.
Fatma bin Qedad said: “We are delighted to sign this MoU with Muqassa, in an important step that heralds a new stage of far-reaching cooperation to benefit various market players and strengthen investment activities on the capital markets of Dubai and the Kingdom of We look forward to implementing the MoC to create an effective framework for sharing knowledge and information, as well as supporting the efforts of the two companies to achieve their strategic objectives relating to the adoption of central clearing best practices. »
Al Hazzani said: “Our latest agreement with Dubai Clear is another step in our journey to work with regional clearinghouses and strengthen regional capital market infrastructure. We look forward to working with Dubai Clear to explore mutually beneficial opportunities that will be unlocked through cooperation. to stimulate innovation, advance business development and, ultimately, increase the attractiveness of our markets.”
Dubai Clear has transformed the clearing landscape in the UAE with its advanced risk management framework and technology and automated trade settlement processes in line with international best practices. The Company has expanded its services to include equities and derivatives, offering its members a full range of equity products within a secure and regulated market infrastructure framework.
Similarly, Muqassa contributes to the Saudi capital market by reducing post-trade risk, providing centralized counterparty risk management and developing clearing services in line with international best practices.
WAM/Lina Ibrahim/Rola Alghoul