Standard Chartered hosts meeting between Abu Dhabi Exchange and UAE Custodians
Meeting is an Abu Dhabi Exchange initiative which aims at developing the UAE custodial market
UAE - 18, June, 2013 - Standard Chartered hosted the Quarterly UAE Custodians meeting, an Abu Dhabi Exchange (ADX) initiative, at its new Dubai headquarters in Downtown Burj Khalifa.
The meeting was chaired by Shikkoh Malik, Regional Head of Investors and Intermediaries products for Middle East, North Africa and Pakistan (MENAP) and was attended by Rashed Al Baloushi, CEO of Abu Dhabi Exchange, Mohamad Al Muhairi, Head of Central Securities Depository for Abu Dhabi Exchange and representatives of other custodian banks operating in the UAE, including National Bank of Abu Dhabi, HSBC, Citi and Deutsche Bank.
During the meeting, participants discussed various initiatives that aim at developing the custodial sector and enhance the efficiencies in the post trade environment. The attendees also discussed areas of cooperation to further streamline processes, adopt best international practices and steps to bring additional asset protection for investors of all types.
Commenting on the meeting, Shikkoh Malik said:
"The UAE custodial market is witnessing fast-paced changes with great support from all the concerned stakeholders to position the UAE as a benchmark for this industry in the region. We are glad to host this round of the meeting and would like to thank Abu Dhabi Exchange for its efforts in supporting the UAE Custodians."
Last year, Standard Chartered announced the expansion of its Regional Custody coverage for Investors and Intermediaries from its MENA Regional hub in the Dubai International Financial Centre to cover more than 40 markets across Asia, Africa, and the Middle East, making it the most comprehensive Regional Custody coverage offering of any service provider in the Middle East.
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