SCA Confirms DCCC As A SCA Licensed CCP In The Region
The Securities and Commodities Authority (SCA), the regulatory, supervisory and monitoring body of the UAE, has proven Dubai Commodities Clearing Corporation (DCCC), a completely owned subsidiary of the Dubai Gold & Commodities Exchange Group (DGCX), as a 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 world 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 aid to the DGCX, established in 2005 as the regions first commodity derivatives exchange that falls under SCAs supervision. Undoubtedly, SCAs licensing of the DCCC as a CCP provides it with a magnificent opportunity to provide 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 performs within the UAEs financial ecosystem. We have constantly prided ourselves on providing a framework to our Members and their customers that provides excellent in class infrastructure as well as strong clearing, trading and surveillance processes and systems that ensures the integrity of the marketplace for all market participants.
