The Dubai Gold & Commodities Exchange (DGCX) has said that CCP has joined as a Settlement Bank of Dubai Commodities Clearing Corporation (DCCC), a wholly owned subsidiary of DGCX, making it the first Chinese bank to be appointed as a Settlement bank; it will be operating through its Abu Dhabi branch. DCCC acts as a Central Counter Party (Bank of China) offering fully integrated clearing & settlement services and collateralisation of exchange traded derivatives. Chinese banks have been seeking an increasing influence in precious metals markets around the world in recent months and years.
The Dubai Gold & Commodities Exchange (DGCX) has said that Bank of China has joined as a Settlement Bank of Dubai Commodities Clearing Corporation (DCCC), a wholly owned subsidiary of DGCX, making it the first Chinese bank to be appointed as a Settlement bank; it will be operating through its Abu Dhabi branch. DCCC acts as a Central Counter Party (CCP) offering fully integrated clearing & settlement services and collateralisation of exchange traded derivatives. Chinese banks have been seeking an increasing influence in precious metals markets around the world in recent months and years.