GMEX Group, a provider of multi-asset exchange trading, post trade business solutions and technology, today announced a partnership agreement with Beirut-based Midclear S.A.L., the custodian and clearing centre of financial instruments for Lebanon and the Middle East.
Per the agreement, GMEX Technologies will provide its market infrastructure experience to create the first derivatives central counterparty (CCP) in Lebanon. This collaboration will tap GMEX’s AvenirClear product as the core system of the CCP, which will clear multiple derivatives asset classes including FX futures, Equity Index futures and options, and commodity futures, including precious metals.
Midclear will also tap GMEX’s unique global expertise in the introduction of new exchange traded products.
To add strategic depth to the relationship, AvenirClear CCP will provide Midclear with an advanced real time risk management, and clearing and settlement platform that is fully compliant with the CPMI-IOSCO Principles for Market Infrastructures (PFMIs).
This move is supported by the Capital Market Authority (CMA), which operates under the aegis of the Central Bank of Lebanon and is mandated to develop and promote Lebanon as an international financial centre.
Hirander Misra, Chairman and CEO of GMEX Group, commented: “We are delighted to be working with Midclear to implement the AvenirClear CCP solution across multiple asset classes including options and excited to be supporting the development of the capital markets in Lebanon.”
He added: “GMEX Group works in partnership with clients using agile project management. Our ability to deliver robust solutions within tight timeframes is key for market infrastructure decision makers.”
Fouad El Khoury, CEO of Midclear, stated: “The AvenirClear CCP solution and the business knowledge and flexibility of the GMEX team in meeting our requirements are important to us. The Derivatives CCP will be a key piece in the future landscape of Lebanese capital markets and it will need to meet all international standards.”