VOL. XLI

No. 41

12-October-1998

UAE

UNB Proposes New Central Clearing System For UAEStocks

The Union National Bank (UNB) based in Abu Dhabi announced on 3 Octoberthat it plans to spin off its Union Securities Settlement and Clearing House to establisha separate company, in conjunction with other banks. The new entity, Union SecuritiesEmirates (USE) will establish a central clearing system for shares in the UAE. It may alsoserve as a catalyst to the establishment of a formal stock exchange by...