DUBAI (Zawya Dow Jones)--HSBC's brokerage arm in the U.A.E. has received itsfinal license from the country's market regulator, Emirates Securities andCommodities Authority, and will commence operations this month, the bank said ina statement Wednesday.
HSBC Middle East Securities will initially offer brokerage services toinstitutional investors and will cater to retail investors later this year, thestatement added. It becomes the first international bank to offer directbrokerage services for the Dubai Financial Market and Abu Dhabi SecuritiesMarket.
HSBC is already a broker-member and sub-custodian of the Dubai InternationalFinancial Exchange (DIFX). It also offers sub-custody services on the ADSM andDFM, as well as nine other regional bourses, and this service will continue tobe provided by the bank's specialist sub-custody operation, HSBC said.
-By Nikhil Lohade, Dow Jones Newswires, +9714 3644963, nikhil.lohade@dowjones.com
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