13 Apr, 2009CBD Financial Services joins NASDAQ Dubai as general Clearing Member

Dubai-based broker CBD Financial Services has joined NASDAQ Dubai as a General Clearing Member (GCM), enabling it to trade directly on the exchange and provide Clearing services to other Members.

Michael Fernandez, General Manager, CBD Financial Services said: ��_As the Middle East��_s international stock exchange, NASDAQ Dubai offers a wide variety of regional and international equities. We are delighted to connect our client base of high net worth individuals and corporate clients to the expanding opportunities provided by the exchange to enable them to expand and diversify their portfolios.

"As the exchange's first Dubai-based General Clearing Member, we also look forward to facilitating activities on the exchange by other brokers."

CBD Financial Services, a subsidiary of Commercial Bank of Dubai, is regulated by the Securities and Commodities Authority and has joined NASDAQ Dubai directly from the regulatory jurisdiction of the UAE.

Jeff Singer, Chief Executive of NASDAQ Dubai, said: "As a well established local brokerage, CBD Financial Services provides a new pathway to NASDAQ Dubai securities for a range of investors.

"Joining the exchange from the UAE regulatory jurisdiction provides straightforward access to the NASDAQ Dubai market. We look forward to working with CBD Financial Services to further develop activity on the exchange."