Dubai – Mubasher:  Dubai Gold and Commodities Exchange (DGCX) welcomed ABN AMRO Clearing Bank N.V. as a special clearing member on Dubai Commodities Clearing Corporation (DCCC), a wholly owned subsidiary of DGCX acting as central counterparty for all trades executed on the Exchange.

ABN AMRO Clearing is a global leader in clearing and post-trade services and has a strong client base of active liquidity providers and principal trading groups. ABN AMRO Clearing consistently ranks among the top three clearers in every time zone, based on turnover and market share, according to a statement.

"We are excited to welcome ABN AMRO Clearing as a new clearing member, as this will further augment our client base and widen participation to DGCX's diverse product range,” Gaurang Desai, CEO of DGCX Group, said.

“ABN AMRO Clearing is a global leader in clearing services and its addition to the DGCX community further demonstrates our ability to offer a platform for international banks to expand and build their global footprint in this region. As the largest derivatives exchange in MENA with full fledged CCP operations, DGCX Group is well poised to offer global clients, secured settlements and capital efficiency, thereby helping them safeguard against potential counter-party risks,” he added.

Martin Frewer, global director PTG at ABN AMRO Clearing, said, “we are pleased to be live on the DGCX offering clearing services and see it as an important link in our global offering.  Our broad client base of liquidity providers will now be able to take advantage of our correlated risk tools for optimising collateral in a new jurisdiction and be able to bring the DGCX's suite of products into their global portfolios".