ADX welcomes Emirates NBD Capital as a custodian amid post trading service enhancements

Press release

Published March 26th, 2023 - 07:55 GMT

ADX welcomes Emirates NBD Capital as a custodian amid post trading service enhancements

Emirates NBD Capital is now a custodian on ADX, joining five other custodial providers

Highlights

Abu Dhabi Securities Exchange (ADX) continues to expand its custodial services offering by the new appointment of Emirates NBD Capital as a custodian.

Emirates NBD Capital obtained its custody license from the UAE Securities and Commodities Authority (SCA). Emirates NBD Capital is the global investment banking arm of Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Turkey) region. It has partnered with BNY Mellon, the world’s biggest custodian bank, to offer custody services to its clients.

As a licensed custodian, Emirates NBD Capital provides safe and secure solutions for investors to hold securities, such as stocks, bonds or other assets. Custody services is an extension of Emirates NBD securities broader suite of security services. The Group’s alliance with BNY Mellon will also provide Emirates NBD customers access to BNY Mellon’s global custody, asset servicing, data and technology capabilities.

The appointment of Emirates NBD Capital and the expansion of custodian options is another step by ADX to boost liquidity, widen its international investor base and enhance the depth of its market, while broadening the listings pipeline, introducing new products and services, and enhancing corporate governance.

Saeed Hamad Al Dhaheri, Managing Director and Chief Executive Officer of Abu Dhabi Securities Exchange, said: “We are delighted to welcome Emirates NBD Capital as a custodian member of ADX. The admission of Emirates NBD Capital marks another significant expansion in the custody options available to investors. We will continue to expand the range and quality of services and products we provide to investors, cementing ADX’s position as one of the most dynamic securities exchanges in the region.”

Mohammad Al Bastaki, CEO of Emirates NBD Capital, said: “We are pleased to offer custody services on ADX as part of our broader securities services offering. The alliance with BNY Mellon brings together Emirate NBD Group’s regional expertise and track record of excellence with the global know how of the world’s biggest custodian bank, providing our clients with custody services across multiple geographies while supporting the development of the post trade value chain and the growth of capital markets in the region.”

Background Information

Abu Dhabi Securities Exchange

Abu Dhabi Securities Exchange (ADX) was established on 15th of November 2000 by Local Law No. (3) of 2000, the provisions of which vests the Market with a legal entity of autonomous status, independent finance and management, and gives ADX the necessary supervisory and executive powers to exercise its functions.

Moreover, ADX has the authority to establish centers and branches outside the Emirate of Abu Dhabi, and so far it has done so in Al Ain, Zayed City, Fujairah, Ras Al Khaimah and Sharjah.

ADX's board of directors is comprised of seven members nominated by Amiri Decree. The members of the board hold office for a term of three years. The first board of directors was constituted by Amiri Decree No. (8) of 2000.

Company Profile

Emirates NBD

Emirates NBD, the leading banking group in the region, was formed on 19 June 1963, when H.H. Late Sheikh Rashid bin Saeed Al Maktoum signed the Charter of Incorporation of the National Bank of Dubai (NBD) which became the first National Bank established in Dubai and the United Arab Emirates (UAE). With the blessings of H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, NBD merged with Emirates Bank International (EBI) on 06 March 2007, to form Emirates NBD, the largest banking group in the region by assets. On 16 October 2007, the shares of Emirates NBD were officially listed on the Dubai Financial Market (DFM). The merger between EBI and NBD to create Emirates NBD, became a regional consolidation blueprint for the banking and finance sector as it combined the second and fourth largest banks in the UAE to form a banking champion capable of delivering enhanced value across corporate, retail, private, Islamic and investment banking throughout the region.