Announcing the appointment, DGCX Chairman, Ahmed Bin Sulayem, said, 'The inclusion of Standard Chartered Bank as a clearing bank will be highly beneficial for existing and potential clearers of the Exchange, especially for institutional clients. Standard Chartered, with its vast global network, committed resources and strong operations in numerous markets around the world, is best positioned to offer customised solutions to meet the growing business needs of DGCX clearers. The approval of Standard Chartered as a broker member is also significant. We are very pleased to welcome Standard Chartered Bank as our clearing bank as well as a broker member.'
Bin Sulayem went on to add that the appointment of the international bank was part of DGCX's commitment to offer wider choices of products and services to market participants. 'The addition of Standard Chartered to the list of our clearing banks expands the choices for our clearing members. We already have National Bank of Dubai, an Emirates-NBD company, one of the largest local banks in UAE and HSBC Bank Middle East, a global bank as our clearing banks,' he explained.
Commenting on the development, Nigel Jones, CEO, UAE, Standard Chartered Bank, said that the appointment as a clearing bank for DGCX and its approval as a broker member on the Exchange would provide the bank with an opportunity to contribute more vigorously to achieving Dubai's goal of becoming a global trading hub. 'At Standard Chartered in the UAE, we are focused on strengthening our portfolio in bullion, base metals, energy and other commodities. As a member of the Exchange, we will be able to provide our clients with rich opportunities in the commodity derivatives market, enabling us to accelerate the expansion of our commodities business. We look forward to working with DGCX, which has come a long way since its inception nearly two years ago,' he added.
The announcement comes close on the heels of a number of developments on the Exchange, including the launch of the world's first rupee futures contract and the steel futures contract, which is expected to play an important role in the volatile steel price scenario in the region.
DGCX appoints Standard Chartered as clearing bank and broker member
Dubai Gold and Commodities Exchange (DGCX) today announced the appointment of Standard Chartered Bank as a clearing bank for the Exchange, after it also obtained a broker membership of DGCX.
- United Arab Emirates: Wednesday, November 28 - 2007 at 15:53
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About DGCXDubai Gold and Commodities Exchange (DGCX) is a fully automated, online commodities exchange. Strategically located in Dubai, the Exchange is the first international commodities derivatives marketplace in the time zone between Europe and the Far East. DGCX is an initiative of the Dubai Multi Commodities Centre (DMCC), Government of Dubai, the majority shareholder, Financial Technologies (India) Limited and Multi Commodity Exchange of India Limited (MCX).
About Standard Chartered
Standard Chartered - leading the way in Asia, Africa and the Middle East
Standard Chartered PLC is listed on both the London Stock Exchange and the Hong Kong Stock Exchange and is consistently ranked in the top 25 among FTSE-100 companies by market capitalization.
Standard Chartered has a history of over 150 years in banking and operates in many of the world's fastest-growing markets with an extensive global network of over 1,400 branches (including subsidiaries, associates and joint ventures) in over 50 countries in the Asia Pacific Region, South Asia, the Middle East, Africa, the United Kingdom and the Americas.
As one of the world's most international banks, Standard Chartered employs almost 60,000 people, representing over 100 nationalities, worldwide. This diversity lies at the heart of the Bank's values and supports the Bank's growth as the world increasingly becomes one market.
With strong organic growth supported by strategic alliances and acquisitions and driven by its strengths in the balance and diversity of its business, products, geography and people, Standard Chartered is well positioned in the emerging trade corridors of Asia, Africa and the Middle East.
Standard Chartered derives over 90 per cent of profits from Asia, Africa and the Middle East. Serving both Consumer and Wholesale Banking customers worldwide, the Bank combines deep local knowledge with global capability to offer a wide range of innovative products and services as well as award-winning solutions.
Trusted across its network for its standard of governance and corporate responsibility, Standard Chartered takes a long term view of the consequences of its actions to ensure that the Bank builds a sustainable business through social inclusion, environmental protection and good governance.
Standard Chartered is also committed to all its stakeholders by living its values in its approach towards managing its people, exceeding expectations of its customers, making a difference in communities and working with regulators.
For more information on Standard Chartered, please log on to www.standardchartered.com
For further information please contact:
Christina Sitlani
Senior Manager Marketing
Dubai Gold & Commodities Exchange
Dir : +9714 361 1613
Fax : +9714 361 1617
Freeda D'Souza
Account Manager
Or
Dhanya Issac
Senior Account Executive
Promoseven Weber Shandwick PR
Tel: +971 4 3210077
Posted by Medilyn Manibo, Assistant News EditorWednesday, November 28 - 2007 at 15:53 UAE local time (GMT+4)
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