UAE - Mubasher: Dubai Clear, a subsidiary of the Dubai Financial Market (DFM), has received primary membership of the Global Association of Central Counterparties (CCP12), an association representing 38 members who operate over 60 individual CCPs globally.
Dubai Clear has been launched in April 2020 as the first local equities CCP in the UAE and the region, according to a press release on Monday.
Since its establishment, Dubai Clear has guaranteed trade settlements and reduced counterparty risks to clearing members for securities and derivatives worth AED 18.6 billion.
The CEO of the Dubai Central Clearing & Depository Holding and Senior Advisor to Dubai Clear, Maryam Fekri, said: "Receiving this membership from the CCP12 is an important milestone in our strategic direction to be recognized in this esteemed global association."
Meanwhile, the Chairman of CCP12, Kevin McClear, commented: "CCP12 had a very successful start into 2021 and we are excited about tackling the ambitious work plan as laid out to the membership to achieve the main goal of the association: to contribute to safer, more robust and resilient financial markets."
