Clearstream has become the first International Central Security Depositary (ICSD) to accept the Arab Emirates Dirham (AED) as eligible for settlement as of Monday 4th September.
This innovative move comes in response to growing demand by investment banks and issuers to issue eurobonds denominated in AED.
Clearstream has had an office in Dubai for over 10 years to service financial institutions in the Middle East and Africa.
Robert Tabet, Head of Clearstream for the Middle East and Africa said: "We are delighted to have been able to make the AED eligible for securities settlements in Clearstream. The Dirham is growing rapidly in importance as it becomes recognized as the business currency of the region. We look forward to adding other regional currencies in the near future."