Natixis approved to issue Letters of Credit for trading on DME

Dubai: Dubai Mercantile Exchange (DME) said on Wednesday Natixis has been approved to issue Letters of Credit (LCs) for trading on the Dubai Mercantile Exchange directly from Singapore.

“With the entry of Natixis, we now have the support of a major financial institution operating in Singapore to make it easier for our mutual clients to trade on the DME,” said Owain Johnson, Managing Director of the Dubai Mercantile Exchange.

Natixis is the international corporate, investment, insurance and financial services arm of Groupe BPCE, the 2nd-largest banking group in France. The approval authorises Natixis to issue LCs on behalf of its clients to guarantee deliveries of Oman Blend crude oil through the DME.