DGCX appoints Bank of Baroda as clearing bank

DUBAI — Dubai Gold and Commodities Exchange (DGCX), the Middle East's first commodities derivatives market, yesterday announced the appointment of Bank of Baroda as a clearing bank for the exchange.

By A Staff Reporter

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Published: Fri 7 Dec 2007, 9:59 AM

Last updated: Sat 4 Apr 2015, 9:34 PM

A memorandum of understanding was signed between DGCX and Bank of Baroda this week, naming Bank of Baroda as a clearing bank. The partnership will now enable DGCX members to open their settlement account with the Bank of Baroda, which is the only Indian bank in the UAE with full fledged banking operations. Bank of Baroda is among the few clearing banks of DGCX for settling the accounts of its members.

Highlighting the significance of the move, Ahmed Bin Sulayem, Chairman, DGCX, said, "DGCX is on the threshold of a high-growth phase, with new and innovative products being added to its portfolio. This expansion will be complimented by enhanced services to its members. The appointment of Bank of Baroda as a clearing bank reflects this strategy."

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