- A recognition that will enable DCCC to offer clearing services to banks and financial institutions located in Singapore
- Initiative will contribute to UAE’s position as a regional hub for central clearing
The Dubai Commodities Clearing Corporation (DCCC), a leading Central Counter Party (CCP) in the region and a wholly owned subsidiary of the Dubai Gold & Commodities Exchange (DGCX), today announced its recognition as a ‘Recognized Clearing House’ (RCH) by the Monetary Authority of Singapore (MAS), the country’s Central Bank and financial regulatory authority.
DCCC is the largest and most diversified CCP operator in the Middle East and has provided clearing services to DGCX since inception.
As a result of this recognition from the Monetary Authority of Singapore, DCCC is now able to offer clearing services to banks and financial institutions located in Singapore, a major, global financial hub. The DGCX exchange was also previously acknowledged by MAS as a ‘Recognized Market Operator’ (RMO) in 2008.
Les Male, CEO of DGCX, said: “Receiving this recognition from the Monetary Authority of Singapore is an important milestone that reaffirms confidence in our capabilities and reiterates our commitment to complying with regulations that seek to ensure the financial integrity of commodities derivative market across the world. This recognition would also allow those institutions located in Singapore to have access for DGCX members. It is a stellar testament to the DCCC’s standing in the region, and marks an important step for the DGCX Group, as we look to expand further our services and products across the Asian region, a key part of our wider growth strategy.”
The announcement also builds on the DGCX’s success of the suite of Indian Rupee (INR) currency contracts, which includes its flagship Monthly INR Futures, INR Options, INR Quanto Futures, and Mini INR Futures Contracts. The weekly INR Futures Contract – which was introduced last year – provides market participants with short-term hedging and arbitrage opportunities, while tracking the world’s largest pool of offshore liquidity for exchange-traded INR-USD currency products that the DGCX offers.
DCCC is the only CCP in the Middle East that offers clearing services across multiple asset classes: FX, Precious Metals, Energy and Equity Derivatives. The DCCC also offers Clearing Members the option of settlement in multiple currencies along with accepting a wide range of collaterals against margins.
