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Gold June 16, 2021 04:30:09 PM

DGCX Subsidiary Honored with RCH Recognition

Paul Ploumis
ScrapMonster Author
The Singapore’s central bank had earlier acknowledged DCCC as a ‘Recognized Market Operator’ (RMO) way back in 2008.

DGCX Subsidiary Honored with RCH Recognition

SEATTLE (Scrap Monster): The Dubai Commodities Clearing Corporation (DCCC) - the wholly owned subsidiary of the UAE-based Dubai Gold & Commodities Exchange (DGCX) announced that it has been recognized as a ‘Recognized Clearing House’ (RCH) by the Monetary Authority of Singapore (MAS). It must be noted that DCCC has been acting as provider of clearing services to the exchange since its inception.

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The recognition from MAS will enable DCCC to offer clearing services to banks and other financial institutions located in Singapore- one of the major financial hubs of the world. Furthermore, it will contribute significantly to further strengthening the UAE’s position as a regional hub for central clearing. The Singapore’s central bank had earlier acknowledged DCCC as a ‘Recognized Market Operator’ (RMO) way back in 2008.

Commenting on the landmark development, Les Male, CEO, DGCX stated that the recognition from MAS reaffirms confidence in its capabilities and reiterates its commitment to complying with regulations across the world markets. The recognition will open up access to DGCX members for institutions located in Singapore. The Group looks to expand its services and products across the Asian region, Male added.

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