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Reduction of Bank Guarantee Value

Service ID
5.3.1

Details

If a member wishes to reduce its Bank Guarantee (BG), the member must request the issuer of their BG to submit an official letter to Dubai Clear to decrease the value of their BG.
For more information on this service, please contact:

Dubai Clear
T: +971 4 305 5555
E: clearing&settlement@dubaiclear.ae

Fees
Free of charge.

Procedures
  1. A Member to address the bank (BG Issuer) to reduce the current bank guarantee value.
  2. The Bank (BG Issuer) sends anofficial letter to Dubai Clear.
  3. Dubai Clear will send a no-objection of the BG reduction letter to the bank with a copy to the member.
  4. Dubai Clear records the data in the system from the date of submitting the request through e-Services
  5. Bank receives the go-ahead letter.
  6. Bank sends changed BG value.
  7. Bank sends letter to Dubai Clear with the new BG value.


Required Documents
An official letter from the bank (BG Issuer) to be sent to the e-Services of Dubai Clear. and the action will be taken only after receiving  the original BG.

How to Apply?
Online through Dubai Clear e-Services or in person at the Dubai Clear, Trading Floor, World Trade Centre, Dubai

FAQs

The Clearing Member must coordinate with the Bank Guarantee issuing bank to send an official letter addressed to the Dubai Clear requesting Dubai Clear to issue a No Objection Letter for the reduction of the Bank Guarantee amount.