UAE partners with Vermeg to develop new CSD
Software firm says move reflects country’s ambition to position itself as a leading global financial hub
The Central Bank of the UAE has appointed financial software company Vermeg to spearhead the development of a central securities depository (CSD).
The new CSD will be for national debt and sukuk – Islamic financial certificates similar to bonds, but which provide ownership of an asset rather than a debt obligation.
In a press release today (April 13), the central bank said the initiative aimed to enhance the efficiency of post-trade operations and further strengthen the global competitiveness of
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