The two-day Network Forum Middle East in Oman attracted global custodians, brokers, asset managers and regulators. flow reports on the talking points arising at the event on 21-22 October, concentrating on their reaction to local securities markets changes
Harmonising capital markets in the Gulf Cooperation Council
Local market requirements and account opening processes for institutional investors across the Middle East are not standardised. Speaking at the Network Forum in Muscat, Manoj Aidasani, Head of Securities Services for the GCC at Deutsche Bank acknowledged that the adoption of common post-trade principles and the rationalisation of account opening processes by GCC countries should attract more institutional capital, leading to improved market liquidity in the region.
Aidasani said GCC countries should focus on meeting short-term goals such as standardising know-your customer (KYC) checks, anti-money laundering (AML) practices and the creation of national investor numbers (NIN). “If GCC markets can harmonise the basics, then there would be nothing to stop these countries from establishing regional market infrastructures such as central counterparties or central securities depositories,” he added.
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