Bank of China becomes settlement bank for Dubai Commodities Clearing Corporation

Dubai Gold & Commodities Exchange (DGCX) has announced the appointment of Bank of China (BOC), as a Settlement Bank for Dubai Commodities Clearing Corporation (DCCC), a wholly owned subsidiary of DGCX.

Bank of China is the first Chinese bank to be appointed as a Settlement bank for DCCC and would be operating through its Abu Dhabi branch. With the addition of Bank of China, DCCC expands its network of Settlement Banks to five. The lineup already includes Emirates NBD, Standard Chartered, HSBC and Bank of Baroda.

The partnership will allow DCCC members to open their settlement banks account and process their settlement obligations for the trades executed on DGCX along with other services offered by the Bank.

Gaurang Desai, Chief Executive Officer of DGCX, says,

“We look forward to Bank of China joining our DGCX fraternity and provide our market participants with world class settlement services. Having such a world class organization complements DGCX strategy of diversification and we look forward to offer compelling value proposition for our customers with this partnership.”

Mr. Tian Jun, General Manager of Bank of China Abu Dhabi branch, says,

“As a financial institution with the longest history in China, BOC is the most internationalized and diversified bank of the country. With two branches and a representative office in GCC, we entered this market in 2004. In May 2015, BOC and DGCX signed an MOU which set out a platform and a framework of cooperation in areas of common interest. Today’s Agreement will significantly accelerate the interaction and collaboration between the derivatives and financial markets of China and UAE. I believe this is a good opportunity to bring greater diversity to products available to investors in both China and UAE.”

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