The Dubai Commodities Clearing Corporation (DCCC), Dubai’s derivatives clearing house, has launched service to allow clearing members to settle their transactions in both U.S. dollars and UAE dirhams (AED).
The new settlement service comes following the launch of a new clearing platform, DCCC EOS-Clear, which supports multi-currency clearing and enables clearing members to provide fixed deposits and bank guarantees as collateral in AED.
The DCCC acts as the clearing house for the Dubai Gold and Commodities Exchange (DGCX), and is therefore the central counterparty for each trade carried out on the exchange.
“The new AED banking facility provides significant value for members who maintain AED accounts while the new AED collateral facility will provide them an avenue to generate better returns,” says Gaurang Desai, interim CEO, DGCX.
“These new services have been designed to provide greater capital efficiency and boost liquidity in the DGCX marketplace.”
Dubai Launches New Settlement Service
The Dubai Commodities Clearing Corporation (DCCC), Dubai’s derivatives clearing house, has launched service to allow clearing members to settle their transactions in both U.S. dollars and UAE dirhams (AED).