Bank of China signs settlement deal in Dubai
Bank of China has become the fifth settlement member and first Chinese bank to link-up with the post-trade arm of Dubai's Gold and Commodities Exchange.
The agreement follows the launch of Bank of China’s Abu Dhabi branch, which opened for business at the start of 2015 offering services to institutional clients.
Under the agreement BoC becomes a settlement a member of the Dubai Commodities Clearing Corporation (DCCC) - the first CCP in the region to tie-up with Euroclear and Clearstream on collateral management solutions.
Membership, according to DCCC, gives clients secured settlements and capital efficiency via margin offsets and a wide range of collateral.
Tian Jun, general manager of Bank of China's Abu Dhabi branch said the agreement “accelerates the interaction and collaboration" between the derivatives and financial markets of China and UAE.
Current DCCC settlement members include Emirates NBD, Standard Chartered, HSBC and Bank of Baroda.
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