The Dubai Gold and Commodities Exchange (DGCX) announced that multi-asset class brokerage UOB Bullion and Futures (UOBBF) has been approved as a clearing member of the Exchange, effectively expanding client exposure into North Africa and the Middle East, according to a DGCX statement.
UOBBF Eyes Middle Eastern Markets
The DGCX is a leading exchange that specializes in FX derivatives, precious metals and energy, operating as a bridge between Eastern and Western markets. Conversely, UOBBF is a fully owned subsidiary of the United Overseas Bank (UOB), a leading Singaporean bank and one of the most established providers of financial services in Southeast Asia. As a fully licensed broker, UOBBF boasts an extensive suite of products that includes FX, bullion, derivatives, futures, options and commodities. The move will effectively integrate UOBBF’s Asian clientele with a multitude of offerings in the Middle East, via the DGCX.
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Warm Reception in the Desert
According to Gary Anderson, CEO of DGCX, in a statement on the joining, “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.”
Indeed, the DGCX is the ideal vehicle for growth in asset offerings, namely across FX trading, which has seen its volumes soar to new heights in recent months. “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,” added Matthew Png, Chief Executive Officer of UOBBF, in a statement regarding the new move.