HSBC Securities Services (HSS) hopes to expand on its agency clearing product whereby it provides back-office support to broker-dealers for clearing trades in the
Last month, the UK bank started offering this product pursuant to opportunities arising from an outsourcing deal involving Nasdaq Dubai and the Dubai Financial Market.
Das, who started his new role on August 1 and remains in
Previously regional head of custody and deputy head of HSS for
Das will be in charge of securities services in 11 local markets –
He will report to Cian Burke and Drew Douglas, co-heads of HSS. Each of the local Middle Eastern country heads will report to Das. In addition, he will be responsible for Glyn Gibbs, Dubai-based head of business development for
HSBC is one of the dominant custody and sub-custody providers in the
So what about the recent BlackBerry-messaging ban in the UAE -- will it have an impact on business? No, says Das, who feels there are more pressing concerns.
“Our challenge in the
Das has worked for HSBC for 14 years, including six in
HSBC told AsianInvestor last month that it ultimately aims to offer a global 'one-stop shop' for all securities services, incorporating custody, fund administration, stock lending and prime broking. This will involve consolidation and centralisation -- for example, of the bank's core global custody platform -- and streamlining of technology and processes, which began two years ago and will continue for the next two.