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About Dubai Clear

Dubai Clear Management Team

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Maryam-Fikri

Ms. Maryam Muhammed Fikri

Position: Senior Advisor


Brief: Chief Executive Officer, Dubai Central Clearing & Depository Holding LLC from April 2020, Chief Executive Officer of Dubai CSD and acts as a Senior Advisor to Dubai Clear LLC.

Biography:

Ms. Maryam Fekri began her career working with the Dubai Economic Department followed by joining Dubai Financial Market (DFM) in the year 1998 where she was responsible for the clearing, settlement and depository operations as Executive Vice President - COO, Head of Clearing, Settlement and Depository Division. She assumed the role of Senior Advisor of Dubai Clear in April 2020. In addition to the above role she is also the Chief Executive Officer for Dubai CSD, an independent depository company licensed by SCA and Chief Executive Officer for Dubai Central Clearing & Depository Holding LLC (DCCD). DCCD is a 100% subsidiary of Dubai Financial Markets (DFM) and is responsible for all post trade related services.

Ms. Fekri was specifically nominated to contribute in the founding of what was then called, “The DFM Project”. She is one of the original five key pillars who actively strived towards transforming DFM - the first listed exchange in the GCC - from a mere vision into a fully operational and successful entity. Since then Ms. Fekri was fully in charge of the smooth running and operations of the Clearing, Settlement and Depository Division, the most significant business function and revenue generator in the DFM.

Ms. Fekri championed the strategic use of technology to ensure maximum operational efficiency from which DFM's depository is a fully scripless and electronic depository. She is also responsible for the robust post-trade infrastructure which has recorded 100% systems availability with no clearing member defaults to-date. Under her leadership, Ms. Fekri spearheaded the taskforce responsible for the successful upgrade of the MSCI UAE Index status from ‘Frontier’ to ‘Emerging Market’ in the MSCI May 2014 Market Review.

Ms. Fekri has a Bachelor's degree from the Dubai Higher Colleges of Technology. In 2018, DFM initiated the project to revamp the post-trade services in line with international best practices and to meet new regulatory requirements in the UAE. Ms. Fekri spearheaded the project to launch the subsidiaries of Dubai Central Clearing & Depository Holding LLC (DCCD), Dubai Clear (L.L.C.) and Dubai CSD (L.L.C.) successfully in April 2020. Dubai Clear is the region’s first independent company central counterparty (CCP) for equity clearing and Dubai CSD the UAE’s first independent central securities depository (CSD) company. DCCD is the holding company for Dubai Clear and Dubai CSD.

Division's main functions:

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Ms. Fatma Bin Qedad

Position: Vice President – General Manager


Brief: Ms. Fatma Bin Qedad began her career working with Dubai Financial Market in 2002.

Biography:

Fatma was appointed to head Dubai Clear LLC as General Manger in April 2020, as a result of Dubai Financial Market restructuring and segregating the post trade activities and the launch of the CCP.

Fatma holds a Bachelor degree in Applied Science in Business Administration from Higher Colleges of Technology – Dubai Women’s College. Through her 18 years’ career, Fatma has escalated the corporate ladder within the CSD; the most significant and critical business function in the DFM group.

Fatma headed the Depository Department from 2008 till early 2020, where she spearheaded a number of successful initiatives improving services provided to main market participants and during which services related to issuers, custody banks and official authorities was fully moved to e service platform the development of Dividend Distribution System was competed.

In her current role she is responsible for:

  • Overseeing daily operations of the organization to achieve efficiency and excellence.
  • Working with the Board to develop CCP operational strategy and create improvement plans to meet the strategic objective.
  • Implementing and reviewing appropriate operational policies and procedures to boost operational effectiveness.
  • Creating reliable internal controls and budgets and monitor adherence to those in line with organisations objectives.
  • Working closely with other internal stakeholders to promote operational efficiency.
  • Develop and build relationship with external stakeholder like CSD, Settlement Banks, Settlement agents, Custodians, Clearing Members and other regulatory bodies.

Division's main functions:

6

Ms. Khulood Mohammed Hassan Al Mutawa

Position: Vice President – Head of Operations/Deputy General Manager


Brief: Ms. Khulood began her career in 2004 working in DFM as an Executive in CSD Department.

Biography:

She worked for 3 years in that role then was promoted as a Manager and later on Head the Clearing and Settlement Section of Dubai Financial Markets. Khulood has a Master degree in Organizational Excellence from Hamdan Bin Mohammed Smart University and Bachelor degree with distinguished Honors in Electronic Business Management - Dubai Women’s College.

During her tenure she was one of the key player in implementation of the DVP project and also has received a Chairman award for her contribution.

Khulood was appointed as Deputy General Manager and Head of Operations for Dubai Clear LLC in April 2020, as a result of Dubai Financial Market restructuring and segregating the post trade activities and the launch of the CCP.

In her current role she is responsible for:

  • Supervising daily operations of the organisation to achieve efficiency and excellence.
  • Ensuring Settlements are completed on a daily basis without any errors or delays.
  • Supervising team workload effectively in order to meet goals and deadlines.
  • Working with the General Manger operations to operationalize CCP operational strategy and implement improvement plans to meet the strategic objective.
  • Developing relationship with external stakeholder like CSD, Settlement Banks, Settlement agents, Custodians, Clearing Members and other regulatory bodies.

Division's main functions:

4

Mr. Navin Dsouza

Position: Senior Vice President – Head of Risk Management


Brief: Navin joined Dubai Financial Markets (DFM) in 2018 as part of the Post Trade Operations Team and was responsible for overseeing the operational processes for Post Trade Services.

Biography:

Navin was appointed as Head of Risk Management for Dubai Clear LLC in April 2020, as a result of Dubai Financial Market restructuring and segregating the post trade activities and the launch of the CCP.

Navin has a Certified Financial Analyst (CFA) degree from the CFA Institute and Master degree in Finance from University of Mumbai. In addition, Navin has also obtained the Chartered Accountant degree from The Institute of Chartered Accountants of India.

Navin began his career with Deutsche Bank in Global Cash Operations department and was part of the Corporate Cash Management team. This was followed with spending couple of years working with National Stock Exchange (NSE) of India as part of Operations and Development team which was responsible for enhancing and implementing new processes in line with regulatory and business requirements across the Cash Equity and Derivatives Market.

Prior to joining DFM, he was working as Director Operations for Dubai Gold and Commodities Exchange (DGCX) for over 10 years and was responsible for both Trading and Post Trade Operations. During his tenure with DGCX, he over saw the entire operations for the Exchange and the CCP including implementation of new products and services and managing various stakeholders like Members, Settlement Banks, Vaults, Warehouses and Regulators. He was a key member of the project team responsible for obtaining the ESMA CCP recognition for DGCX CCP under EMIR framework and complete enhancement and migration of the Exchange and CCP platform in 2013.

In his current role he is responsible for:

  • Implementing a Risk Management program of the post trade services in line with regulatory framework and international standards.
  • Advising management on matters related to the organization’s risk framework and draft and revise company policies in line with supporting regulatory framework.
  • Coordinating with local and international regulators, members in the area of Risk related to CCP.
  • Setting up the comprehensive CCP risk management framework in line with regulatory standards specially relating to margins and default framework.
  • Identifying of risks related to Post trade and advise how such risks can be effectively mitigated through reliable internal controls and monitor adherence to those controls in line with organisations objectives.

 

Division's main functions:

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Mr. Ahmed Shamroukh

Position: Senior Manager – Legal & Compliance


Brief: Ahmed joined Dubai CSD in March 2021 as part Legal Compliance for Post trade services including CSD and CCP.

Biography:

 Ahmed is responsible for adherence to legal and regulatory framework in relation to post trade services in line with local regulatory framework and international standards. Ahmed is a Certified Anti-Money Laundering Specialist by “ACAMS”. In addition, he has obtained his Master degree in Law from Sorbonne University and Cairo University. Prior to joining DFM, Ahmed was Heading the Legal and Compliance department of the UAE Banks Federation. He began his career in UAE with several local banks as part of their Compliance department starting by First Gulf Bank, First Abu Dhabi Bank and National Bank of Fujairah.
In his current role he is responsible for:

  • Responsible for adherance to legal and regulatory framework in relation to post trade services.
  • Developing and implementing a legal & compliance program of the post trade services in line with regulatory framework and international IOSCO standards.
  • Drafting and revising company policies in line with supporting regulatory framework.
  • Keeping abreast of changing regulatory environment and update management of impact of these changes on the organisation.
  • Coordinate with local and international regulators, members in the area of compliance related to CCP and CSD.
  • Developing and implementing compliance framework for supervising Members.

Division's main functions: