The approval of the “Dubai Commodity Clearing Company” is a company recognized by the Monetary Authority of Singapore
The new accreditation enables institutions in Singapore to access DGCX members.
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Dubai Commodity Clearing Corporation, the leading central clearing company in the region and wholly owned by the Dubai Gold and Commodities Exchange, has announced its accreditation as a clearing company recognized by the Monetary Authority of Singapore, which is the country's central bank and financial regulator.
The Dubai Commodity Clearing Company, the largest and most diversified central clearing company in the Middle East, has been providing clearing services to the Dubai Gold and Commodities Exchange since its inception.
Dubai Gold and Commodities said in a statement yesterday that this accreditation from the Monetary Authority of Singapore allows the Dubai Commodity Clearing Company to provide clearing services to banks and financial institutions operating in Singapore, which is a major global financial center, noting that it had previously In 2008, the Dubai Gold and Commodities Exchange (DGCX) obtained the accreditation of the Monetary Authority of Singapore, as an authorized market operator.
Les Mel, CEO of the Dubai Gold and Commodities Exchange, said, "Receiving this accreditation from the Monetary Authority of Singapore is an important achievement, reaffirming confidence in our capabilities, and highlighting our commitment to comply with regulations that seek to enhance financial integrity in the commodity and derivatives markets."
He added, "The new accreditation provides institutions operating in Singapore with access to members of the Dubai Gold Exchange, and reflects the prestigious position of the Dubai Commodity Clearing Company in the region, as well as an important step for the exchange, in the context of our aspirations to expand our services and products."
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