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Midclear selects GMEX Group to deliver Derivatives CCP for Lebanon

First Published 5th July 2017

Midclear selects GMEX Group to support Middle East innovation and the Lebanese capital markets reinvigoration.

Hirander Misra, GMEX

Hirander Misra, GMEX

Beirut and London - Midclear, the Custodian and Clearing Center of financial instruments for Lebanon and the Middle East, has selected GMEX Group to provide and implement its AvenirClear CCP product as the core system of the first derivatives central counterparty (CCP) in Lebanon.

The set-up of the CCP by Midclear is intended to help with the reinvigoration of the Lebanese Capital Markets, part of Lebanon's strategic plans for its economy and reconstruction. The derivatives asset classes covered include FX Futures, Equity Index Futures & Options, and Commodity Futures, including precious metals.

Since the inception of the Capital Market Authority (CMA), led by the Central Bank of Lebanon, work has been carried out by the CMA to draw up the financial market rules and regulations to best international standards, paving the way for a strong capital markets development in the region. The addition of a CCP intends to ensure the efficiency and effectiveness of the operations in this market, and provide safeguards for members, traders and investors.

AvenirClear CCP provides Midclear with real time risk management, and a clearing and settlement platform that is fully compliant with the CPMI-IOSCO Principles for Market Infrastructures (PFMIs). Compliance with these principles is part of the Qualifying Central Counterparty (QCCP) criteria, and is recognised as the highest global standard for managing risk and communication in in the industry.

Hirander Misra, Chairman & 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."

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