Euroclear Bank has selected Standard Chartered to provide cash clearing services in the UAE. Following the appointment, Standard Chartered will be the Arab Emirates Dirham (AED) cash clearing bank for the ICSD.
The service will provide highly competitive clearing deadlines for Euroclear Bank’s clients from more than 90 countries when settling transactions in AED.
Bernard Ferran, head of the Euroclear Bank Representative Office in Dubai, said, “The UAE is a very important GCC market for Euroclear Bank. Our growing presence in the region, as well as the increasing volumes of cross-border fixed-income transactions settling at Euroclear Bank by clients in the GCC, requires efficient Arab Emirates Dirham currency clearing. The appointment of Standard Chartered Bank as our new clearing bank for AED transactions will strengthen our abilities to provide straight-through processing for our clients."
