Thursday 28 March 2024
 
»
 
»
Story

Top official at the signing ceremony

ADX, DGCX partner on unified clearing house

DUBAI, July 9, 2017

The Abu Dhabi Securities Exchange (ADX) has signed an agreement with Dubai Gold and Commodities Exchange (DGCX) and DMCC (Dubai Multi Commodities Centre) to create a collaboration on a unified clearing house in the UAE.

The memorandum of understanding (MoU) was signed by Rashed Al Blooshi, chief executive, ADX; Gautam Sashittal, chief executive officer, DMCC and member of the DGCX Board of Directors; and Gaurang Desai, chief executive officer, DGCX and Dubai Commodities Clearing Corporation (DCCC).

Commenting on the initiative, Ahmed Bin Sulayem, executive chairman, DMCC, said: “This is a unique collaboration which we expect will lead to the creation of a national clearing house with the size, scale and capability to clear all asset classes."

Additionally, this collaboration aims to promote a stronger cooperation across a number of areas, including clearing and settlement of equities, commodities, currencies, OTC instruments and derivatives products, as well as support with the listing of respective products and securities.

Al Blooshi said: “This memorandum will provide a framework for understanding and collaboration between ADX and DGCX. As a home-grown entity just like the DGCX and DMCC, we are deeply committed to accelerating the growth and development of the UAE financial markets and raising the bar in terms of trading and clearing standards. We see this as the beginning of a long and prosperous relationship that will open up new opportunities to mutually benefit both exchanges.”

“Moreover, the signing of this MoU comes in accordance with ADX’s strategic goals to increase market cap and product range as well as attract and activate a wider range of investors. In accordance with Abu Dhabi Plan, ADX is committed to creating a business environment that is both competitive and flexible in the framework of enhancing the competitive environment for doing business and attracting investment into the Emirate,” added Al Blooshi.

Gaurang Desai said: “We are delighted to partner with ADX. We believe that this will build a strong market connect within the UAE, especially in the areas of clearing and settlement. As the largest and the only multi-asset CCP in the region that is globally recognized, DGCX and its wholly owned CCP, DCCC, has a pioneering role to play in ensuring that it extends itself as a strong clearing base for partner exchanges, not only in the UAE, but also in the wider region.” – TradeArabia News Service




Tags: DGCX | clearing house | ADX | Abu Dhabi Securities |

More Finance & Capital Market Stories

calendarCalendar of Events

Ads