Clearstream gains traction in the Middle East
17 July 2012 Abu Dhabi
Image: Shutterstock
Abu Dhabi Commercial Bank (ADCB) has joined Clearstream’s triparty repo service as a new cash provider.
The first trade was executed in Q2 2012 with Commerzbank Dubai. ADCB accepts Middle Eastern securities as collateral for these trades.
The National Bank of Abu Dhabi has also settled the first loan transaction through Clearstream’s Automated Securities Lending (ASL) offering.
Stefan Lepp, a member of the executive board and the head of global securities financing at Clearstream, said: “The Middle East continues to be one of the most dynamic regions in the global economy and Clearstream is committed to support its evolution. At the same time, our triparty repo offering is gaining traction and we welcome ADCB as a cash provider.”
Kevin Taylor, treasurer at ADCB, said: “Triparty repo is gaining traction in the Middle East and ADCB is keen to be an active participant and contributor to this trend. Our first Middle Eastern triparty trades are another example of how ADCB manages its liquidity by using all available and best in class techniques.”
“We continue to strengthen our relationship with Clearstream and have successfully tested the securities lending offering,” added Paul Voce, the global head of repo at the National Bank of Abu Dhabi. “Securities lending is an integral part of any liquid repo market and we are leading the way to further facilitate these markets in the Middle East.”
The first trade was executed in Q2 2012 with Commerzbank Dubai. ADCB accepts Middle Eastern securities as collateral for these trades.
The National Bank of Abu Dhabi has also settled the first loan transaction through Clearstream’s Automated Securities Lending (ASL) offering.
Stefan Lepp, a member of the executive board and the head of global securities financing at Clearstream, said: “The Middle East continues to be one of the most dynamic regions in the global economy and Clearstream is committed to support its evolution. At the same time, our triparty repo offering is gaining traction and we welcome ADCB as a cash provider.”
Kevin Taylor, treasurer at ADCB, said: “Triparty repo is gaining traction in the Middle East and ADCB is keen to be an active participant and contributor to this trend. Our first Middle Eastern triparty trades are another example of how ADCB manages its liquidity by using all available and best in class techniques.”
“We continue to strengthen our relationship with Clearstream and have successfully tested the securities lending offering,” added Paul Voce, the global head of repo at the National Bank of Abu Dhabi. “Securities lending is an integral part of any liquid repo market and we are leading the way to further facilitate these markets in the Middle East.”
NO FEE, NO RISK
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to Securities Finance Times
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to Securities Finance Times
