Jul 19 2012
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QNB & Standard Chartered, Additional Custodians to Start Activity at Qatar Exchange
Doha, 19 July 2012 - Following their recent licensing by the Qatar Financial Markets Authority ( QFMA ), Qatar National Bank and Standard Chartered Bank have now respectively signed a Depositary Agreement with Qatar Exchange to start Custody activities, raising the number of custodians working in the Qatari market , including HSBC, to three.
Andre Went, CEO of QE commended this development as a major step towards increased post-trade efficiency by offering more options to the institutional clients and high net worth investors, and making services more competitive. He noted that both QNB and Standard Chartered will start their activities as Custodians in the next few days.
Mr. Adel Khashabi, QNB GM Asset and Wealth Management, said: "We are pleased to receive Custody license from QFMA and start offering Custody Services working closely with QE . "Custody Services complements our investment advisory, asset management and trade execution capabilities and enhances our financial services value proposition in Qatar and beyond," he explained.
Custodians are responsible for safeguarding clients' financial assets and providing functions such as safekeeping assets (equities and bonds), arranging settlements of any purchases and sales of such securities, collecting information an income from assets such as dividends and coupons, as well as providing information on the underlying companies and their annual general meetings and corporate actions.
Established in 1995, the Doha Securities Market (DSM) officially commenced operations in May 1997. Since then the exchange has grown to become one of the leading stock markets in the GCC region. Following a strategic partnership agreement between Qatar Holding and NYSE Euronext in June 2009, the DSM was renamed the Qatar Exchange ( QE ). QE currently has 42 listed companies and its market capitalization (end of 2010) is around QR450 billion (US$124 billion). The primary aim of QE is to support Qatar's economy by giving investors a platform through which they can trade fairly and efficiently. QE also provides the public with access to market information, ensures correct disclosure of information, and enforces securities regulations. QE is regulated by the Qatar Financial Markets Authority . For more information, please visit: www.qe.com.qa
© Press Release 2012
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