UAE gives all clear for unified clearing house
A unified clearing house could be on its way to the UAE, with a trio of organisations making noise that they’re working together to make it happen.
The Abu Dhabi Securities Exchange (ADX) has signed a memorandum of understanding (MoU) with Dubai Gold and Commodities Exchange (DGCX), and its parent company, Dubai Multi Commodities Centre (DMCC), to create the basis for collaboration.
Ahmed Bin Sulayem, executive chairman, DMCC, says the parties expect it “will lead to the creation of a national clearing house with the size, scale and capability to clear all asset classes”.
Additionally, the companies say this collaboration “aims to promote a stronger co-operation” across a number of areas, including clearing and settlement of equities, commodities, currencies, OTC [over-the-counter] instruments and derivatives products, as well as support with the listing of respective products and securities.
There are no timelines for any of these plans.