SCA confirms DCCC as an SCA-licensed CCP in the Region
The Securities and Commodities Authority (SCA), the regulatory, supervisory and monitoring body of the UAE, has confirmed Dubai Commodities Clearing Corporation (DCCC), a wholly-owned subsidiary of the Dubai Gold & Commodities Exchange Group (DGCX), as an SCA licensed Central Clearing-Counterparty (CCP).
DCCC is also recognised by the European Securities and Markets Authority (ESMA), the regulatory body for the EU, and the Financial Services Regulatory Authority (FSRA), the regulator of the Abu Dhabi Global Market (ADGM). It is also a Primary Member of CCP12, a global association of 37 members representing over 50 individual CCPs.
Dr. Obaid Saif Hamad Al Zaabi, CEO of SCA commented: “It is always our pleasure to cooperate with and provide support to the DGCX, established in 2005 as the region’s first commodity derivatives exchange that falls under SCA’s supervision. Undoubtedly, SCA’s licensing of the DCCC as a CCP provides it with a great opportunity to offer clearing and risk management services to other exchanges and market infrastructure providers globally”.
Les Male, CEO of DGCX, added: “I am gratified that SCA continues to recognise the role the DGCX Group plays within the UAE’s financial ecosystem. We have always prided ourselves on providing a framework to our Members and their clients that offers best in class infrastructure as well as robust clearing, trading and surveillance processes and systems that ensure the integrity of the marketplace for all market participants.”
About DGCX: Established in 2005, DGCX is the region’s leading derivatives exchange and the only one allowing global participants to trade, clear and settle transactions within the Gulf region. The Exchange has played a pioneering role in developing the regional market for derivatives and financial infrastructure. DGCX is an electronic commodity and currency derivatives exchange with over 200 members from across the globe, offering futures and options contracts covering the precious metals, energy, equities and currency sectors. DGCX is a subsidiary of DMCC (Dubai Multi Commodities Centre), a Dubai Government Authority for trade, enterprise and commodities. For more information: www.dgcx.ae
DGCX also owns and operates the region’s largest and only multi-asset Clearing House – Dubai Commodities Clearing Corporation (DCCC). DCCC is federally regulated by the Securities & Commodities Authority (SCA) and is recognized as a Third-Country CCP by European Securities Markets Authority (ESMA) with over 90 clearers from across the globe. For more information: www.dccc.co.ae
Weber Shandwick PR
Tel: +971 (0) 4 445 4222