Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) signed a memorandum of understanding (MoU) with the Dubai Gold and Commodities Exchange (DGCX) and its parent company, Dubai Multi Commodities Centre (DMCC) to start collaborating on a unified Clearing House (CCP) in the UAE.

The collaboration aims to promote a stronger cooperation across a number of areas, including clearing and settlement of equities, commodities, currencies, OTC instruments, and derivatives products, as well as support with the listing of respective products and securities, a statement said on Monday.

“Moreover, the signing of this MoU comes in accordance with ADX strategic goals to increase market cap and product range as well as attract and activate a wider range of investors,” ADX chief executive Rashed Al Blooshi stated.

The Dubai Commodities Clearing Corporation (DCCC), a wholly owned subsidiary of DGCX, was recently recognized by ESMA as a Third-Country CCP. It offers Clearing Members the option of settlement in multiple currencies along with accepting a wide range of collaterals against margins.