DGCX selects clearing bank

The Dubai Gold & Commodities Exchange (DGCX) has named Standard Chartered as its clearing bank for the exchange and the steel rebar futures contract.

The bank has also been approved as a broker for the futures market trading in steel rebar. The futures market is designed to act as insurance against volatility in the steel market. DGCX chairman, Ahmed Bin Sulayem, said: "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 and HSBC Bank Middle East on board."

Nigel Jones, CEO, UAE, Standard Chartered Bank, said: "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."