Dubai: The Dubai Commodities Clearing Corporation (DCCC) the central counterparty (CCP) service provider of the Dubai Gold and Commodities Exchange (DGCX) today (Monday) announced that Clearing Members will now be able to settle their transactions in UAE Dirhams in addition to US Dollars. This new settlement service allows members to utilise funds in UAE currency for settlement purposes. The facility has been made available following the second upgrade of DCCC’s EOS-Clear, its new state-of-art clearing platform. In addition, these facilities will allow clearing members to provide Fixed Deposits and Bank Guarantees as collateral in UAE Dirhams. The EOS-Clear platform now supports multi-currency clearing and settlement facilities.
The DCCC acts as the clearing house for DGCX and is therefore the central counterparty for each trade carried out on the Exchange. DGCX is the only Exchange in the region with local clearing house facilities – helping to safeguard participants against counterparty risk by acting as the seller to every futures contract bought and the buyer to every futures contract sold, thereby guaranteeing settlement.
