UOB Bullion and Futures (UOBBF), a wholly-owned subsidiary of United Overseas Bank (UOB), has been approved as a clearing member of the Dubai Gold and Commodities Exchange (DGCX).
The approval will integrate UOBBF’s Asian clientele with DGCX’s multitude of offerings in the Middle East.
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Additionally, the introduction of UOBBF in the DGCX community will allow the futures broker to access to a wider range of products that are commonly traded in the Middle East and North Africa.
The UOBBF offers trading access to a range of products, including foreign exchange, bullion, over-the-counter derivatives, futures and options, commodities and securities on major exchanges in the world.
The futures broker said that its client base includes retail customers, high net worth individuals, corporate and institutional clients, hedge funds and high-frequency traders.
Gary Anderson, CEO of DGCX, said: "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."
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By GlobalDataMatthew Png, CEO of UOBBF, said: "We look forward to working closely with DGCX and to supporting its vision of enhancing commodity trade flows in the Middle East region."
DGCX provides guaranteed settlement and reduced counterparty risk via the Dubai Commodities Clearing Corporation (DCCC), a wholly-owned subsidiary of DGCX.
