DGCX’s Clearing House - Dubai Commodities Clearing Corporation (DCCC) - Receives Renewed Recognition as a Third Country CCP by ESMA
- Recognition for the wholly-owned subsidiary of DGCX emphasizes commitment to compliance with comprehensive set of regulatory requirements by ESMA
- During 2022, DCCC cleared multiple asset classes with a total value of USD 35 Billion
The Dubai Commodities Clearing Corporation (DCCC), a leading Central Counter Party (CCP) in the region and a wholly-owned subsidiary of the DGCX, today announced the renewal of its recognition as a third country CCP (TC-CCP) by the European Securities and Markets Authority (ESMA).
The announcement reflects the DCCC’s adherence to international regulatory standards and confirms its alignment with stringent risk management and governance frameworks. The clearinghouse was first recognized as a TC-CCP in 2017 – and currently provides clearing services to numerous banks and financial institutions around the globe.
As a result of the renewal, the DCCC will continue to be considered as a Qualifying Central Counterparty (QCCP) as per European banking regulations. This will enable all European banks to clear trades settled through DCCC without incurring additional capital requirements as imposed by EU Regulations.
Les Male, CEO of DGCX and DCCC, said: “The recognition from ESMA affirms the DCCC’s commitment to continuously enhance its regulatory oversight and align with the best international standards, as we seek to extend our centralized clearing services to other exchanges and financial institutions around the world. It also ensures that we remain at the forefront of providing efficient and highly regulated risk management solutions for our members, as well as the global trading community.”
In 2022, the DCCC cleared 1,676,185 contracts with a total value of USD 35 Billion. The clearinghouse provides robust risk management as well as secured settlement services across a broad range of asset classes; encompassing base and precious metals, hydrocarbons, currencies, and equities. As an intermediary or counterparty to every trade, the DCCC acts as a buyer and seller for every trade – helping to mitigate risk and ensuring financial trades are completed.
The Dubai Gold & Commodities Exchange (DGCX) is the region’s leading derivatives exchange and has played a pioneering role in developing the regional market for derivatives trading, clearing and settlement.
The DGCX owns and operates the region’s largest and only multi-asset Clearing House – Dubai Commodities Clearing Corporation (DCCC). DGCX & DCCC are regulated by the Securities & Commodities Authority (SCA). It is recognised as a licensed Central Clearing-Counterparty (CCP) by SCA and a Third-Country CCP by European Securities Markets Authority (ESMA).
The DGCX’s strategic geographic location in Dubai between the Far East, Europe and Africa serves as a unique, global window for traders and investors. With over 100 members across the world, the DGCX drives liquidity in the market by offering a broad range of futures and options contracts covering base and precious metals – including the world’s only Shari’ah Compliant Spot Gold Contract – hydrocarbons, equities and currencies.
For further information please contact:
Weber Shandwick PR
Tel: +971 50 255 3402