The revival of the financial markets in Lebanon is important for Lebanon’s economy and reconstruction. To ensure the efficiency and effectiveness of the operations in this market, and to provide safeguards for members, traders and investors, the Central Bank of Lebanon established in June 1994 in Beirut, Midclear S.A.L. the Custodian and Clearing Center of financial instruments for Lebanon and the Middle East. Midclear S.A.L. was established to address a variety of operational and risk issues related to the safekeeping and physical settlement of financial instruments in general. Midclear’s Members are:
Midclear was appointed Central Depository for Lebanon By Law No 139 of October 1999, and Central Registrar for all Lebanese banks shares, by Law No 308 of April 2001.
Form of the company:Midclear is a Lebanese joint stock company with a capital of 2.8 Billion LBP, established and governed by the provisions of the Lebanese Commercial Code and other regulations in force in the Lebanese Republic. It has been mandated that the Central Bank of Lebanon shall continue to be the holder of not less than 75% of the company’s capital as specified in the Articles of Incorporation.
Current ownership:The Central Bank of Lebanon owns 99,79 % of Midclear's Capital.
Object of the company:The establishment of Midclear comes with concerted efforts aimed at confirming the confidence of Lebanese, Arab and foreign investors. Its emergence is also congruent with the international recommendations proposed by the group of thirty on the matter of regulating and developing the financial markets. Midclear provides investors with a variety of depository and clearing services which confirm to international standards recommended by the Group of Thirty.
Board of Directors of Midclear S.A.L:Midclear S.A.L. governance structure consists of three Board members. Five delegates represent the Central Bank of Lebanon, whereas, two members are elected by the General Assembly.
Mr. Fouad El Khoury
Me. Pierre Kanaan
Mr. Ramzi Hamade
Mr. Ali Nahle
Mr. Ricardo Skaff
Mr. Raja Abou Assli
The Board serves for a term of three years. The daily management and operations of Midclear S.A.L. are the responsibility of the Chairman – General Manager.