Singapore's UOB Bullion and Futures joins Dubai Gold Exchange

UNITED KINGDOM March 06 2014 6:28 PM

DUBAI (Scrap Register): The Dubai Gold and Commodities Exchange (DGCX) has announced that UOB Bullion and Futures (UOBBF), a wholly-owned subsidiary of Singapore's leading bank United Overseas Bank Limited (UOB), has been approved as a Clearing Member of the Exchange.

UOBBF is a fully-licensed futures broker, providing trading access for a comprehensive suite of products including foreign exchange, bullion, over-the-counter (OTC) derivatives, futures and options, commodities and securities, on major exchanges in the world. Its diverse client base comprises retail customers, high net worth individuals, corporate and institutional clients, hedge funds and high-frequency traders.

Gary Anderson, CEO of DGCX, said, “We are excited to introduce UOBBF to the DGCX community. UOBBF is a leading financial institution known for its expertise and innovation in products and services across various sectors. Given its strong credentials in the Asia-Pacific region, UOBBF is definitely a valuable addition to our member base. The presence of UOBBF in the DGCX community validates our ability to provide a robust trading platform for international brokerages to expand and grow their business in the region.”

Matthew Png, Chief Executive Officer of UOBBF, said, “Becoming a member of DGCX will enable us to provide our clients with access to a wider range of products which are more commonly traded in the Middle East and North Africa. We look forward to working closely with DGCX and to supporting its vision of enhancing commodity trade flows in the Middle East region.”

DGCX is the only Exchange that offers both trading and clearing infrastructure in the region. It also offers guaranteed settlement and reduced counterparty risk through the Dubai Commodities Clearing Corporation (DCCC), a 100% owned subsidiary of DGCX.