Dubai derivatives market signs up ABN AMRO 12 October 2016Dubai Reporter: Mark Dugdale
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The Dubai Gold and Commodities Exchange (DGCX) has signed up ABN AMRO Clearing Bank as a special clearing member on the Dubai Commodities Clearing Corporation (DCCC).
DCCC is a wholly owned subsidiary of DGCX and acts as the central counterparty for all trades executed on the exchange.
As a special clearing member, ABN AMRO Clearing’s presence will expand and deepen access to DGCX, the Middle East’s largest derivatives market. International trading firms and clients can now use the bank’s global post-trade services to access the exchange.
Gaurang Desai, CEO of DGCX Group, said: “We are excited to welcome ABN AMRO Clearing as a new clearing member, as this will further augment our client base and widen participation to DGCX’s diverse product range. ABN AMRO Clearing is a global leader in clearing services and its addition to the DGCX community further demonstrates our ability to offer a platform for international banks to expand and build their global footprint in this region.”
“We are pleased to be live on the DGCX offering clearing services and see it as an important link in our global offering,” added Martin Frewer of ABN AMRO Clearing. “Our broad client base of liquidity providers will now be able to take advantage of our correlated risk tools for optimising collateral in a new jurisdiction and be able to bring the DGCX’s suite of products into their global portfolios.”
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