Standard Chartered Bank Expands its Custody Network in UAE
Standard Chartered Bank has announced that it is expanding its custody services in UAE with the recent addition of Abu Dhabi Securities Exchange (ADX). The bank now provides full custody services in three markets including Dubai International Financial Exchange (DIFX) and Dubai Financial Market (DFM) in the Middle East. In response to the growing demands from foreign investors who trade on the Abu Dhabi Securities Exchange, Standard Chartered says it will provide the full range of sub-custody and securities clearing services which includes settlement, safekeeping services, corporate actions and market information. The ADX serves the domestic cash equity market and has 65 listed companies with a market capitalisation of US$134bn as of end June 2008.