SCA announces DCCC, subsidiary of DGCX
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 and 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.”
