HSBC's UAE brokerage license to commence trading

The company, set up to trade on the Abu Dhabi Securities Market and the Dubai Financial Market, will offer brokerage services to retail investors later this year.

With this license, and the imminent final approvals of the UAE's two domestic markets, HSBC will become the first global bank to trade on the UAE's exchanges directly.

Neil Foster, Head of HSBC Global Markets for the Middle East and Chairman of HMES said:

"The Middle East's capital markets are becoming increasingly important to institutional investors around the world, especially at such challenging times in other international markets. As the largest and longest established bank in the region, HSBC is delighted to break new ground by being the first international bank to be granted a license to trade on the UAE's stock exchanges".

HSBC is already a broker-member and sub-custodian of the Dubai International Financial Exchange. It also offers sub-custody services on the ADSM and DFM, as well as nine other regional bourses, and this service will continue to be provided by the bank's specialist sub-custody operation.

HSBC also has the largest multi asset class research capabilities on the ground covering key sectors and companies in the UAE and the wider region.

Paul Cooper, Head of Equities for Central Europe, Middle East and Africa at HSBC and member of Board of Directors of HMES, added: "HSBC has developed a leading brokerage business in the UAE servicing local and international institutional clients. The establishment of HMES means that a major player in the UAE's markets is now a licensed broker in its own right, we believe this to be crucial in providing first class brokerage capabilities to our clients. This development will be highly positive in raising the profile of the region, and is a further demonstration of our commitment to the UAE and the development of the region's markets."