Bank of China joins Dubai de­riv­a­tives ex­change DGCX

The Pak Banker - - COMPANIES/BOSS -

DUBAI: The com­modi­ties and cur­rency de­riv­a­tives bourse Dubai Gold and Com­modi­ties Ex­change (DGCX) said on Thurs­day that Bank of China was ap­pointed as a set­tle­ment bank for Dubai Com­modi­ties Clear­ing Cor­po­ra­tion (DCCC), a sub­sidiary of DGCX, United Arab Emi­rates (UAE) state news agency WAM re­ported. DCCC has ex­panded its net­work of set­tle­ment banks to five with UAE's first len­der Emi­rates NBD, Stan­dard Char­tered, HSBC, Bank of Bar­oda from In­dia and Bank of China.

Bank of China is the first Chi­nese bank to be ap­pointed as a set­tle­ment bank and would be op­er­at­ing through its Abu Dhabi branch. Tian Jun, gen­eral man­ager of Bank of China Abu Dhabi branch, said the agree­ment will ac­cel­er­ate the in­ter­ac­tion and col­lab­o­ra­tion be­tween the de­riv­a­tives and fi­nan­cial mar­kets of China and the UAE.

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