Bank of America Merrill Lynch has become the first general clearing member (GCM) of NASDAQ Dubai, iStock Analyst reports. The U.S. lender is joining NASDAQ Dubai’s equity derivatives market.
As a clearing member, the bank will clear the trades of other brokers and well as its own, injecting liquidity into the market. The Dubai bourse currently lists equities, equity derivatives, exchange-traded commodities, structured products, Sukuk and conventional bonds.
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