Dubai:
The Abu Dhabi Securities Exchange (ADX) signed a Memorandum of Understanding (MoU) with Dubai Gold and Commodities Exchange (DGCX), and its parent company, DMCC (Dubai Multi Commodities Centre) to create the basis for collaboration on a unified clearing house (CCP) in the UAE.
“This is a unique collaboration which we expect will lead to the creation of a national clearing house with the size, scale and capability to clear all asset classes,” Ahmed Bin Sulayem, Executive Chairman, DMCC, said in a statement.
Additionally, this collaboration aims to promote a stronger cooperation across a number of areas, including clearing and settlement of equities, commodities, currencies, OTC instruments and derivatives products, as well as support with the listing of respective products and securities.
“This memorandum will provide a framework for understanding and collaboration between ADX and DGCX. As a home-grown entity just like the DGCX and DMCC, we are deeply committed to accelerating the growth and development of the UAE financial markets and raising the bar in terms of trading and clearing standards. We see this as the beginning of a long and prosperous relationship that will open up new opportunities to mutually benefit both exchanges,” Rashed Al Blooshi, Chief Executive of ADX, said.
“Moreover, the signing of this MoU comes in accordance with ADX strategic goals to increase market cap and product range as well as attract and activate a wider range of investors. In accordance with Abu Dhabi Plan, ADX is committed to creating a business environment that is both competitive and flexible in the framework of enhancing the competitive environment for doing business and attracting investment into the Emirate,” added Al Blooshi.
