The Dubai Gold & Commodities Exchange ( DGCX ) has said that bank of commerce has joined as a Settlement Bank of Dubai Commodities Clearing Corporation ( ups ) , 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 . ups acts as a Central exchange 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 .
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.