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Dubai Commodities Clearing Corporation to Host
CCP12 Special General Meeting
- Bi-annual CCP12 meeting to take place in Dubai on 20th September 2013
Dubai, September 17, 2013: The Dubai Commodities Clearing Corporation (DCCC) will be hosting and sponsoring the CCP12 Special General Meeting on 20th September 2013, in Al Mas Towers, Dubai. The DCCC, a wholly owned subsidiary of the Dubai Gold & Commodities Exchange (DGCX), acts as the clearing house for the Exchange and is therefore the central counterparty for each trade carried out on DGCX.
CCP12, the Global Association of Central Counterparties, meets twice a year to promote the development and adoption of best of breed standards and practices in CCP risk management and operational activities.
Central Counterparties (CCPs) have played an integral role in reducing counterparty risk over the past few decades by guaranteeing the settlement of trades on Exchanges. While there is presently no CCP12 member in Dubai, the rapid increase of trades in over-the-counter (OTC) markets in the last 10 years has meant that CCPs have become increasingly active in this market.
Gary Anderson, CEO of DGCX said, “The global financial crisis has highlighted the counterparty risk and lack of transparency associated with transacting trades over the counter, and thus the role played by regulated Exchanges and CCPs has assumed even more significance. The CCP12 Special General Meeting provides its member with an important platform to share information on developments in clearing and settlement regulations and models around the world. As the only derivatives exchange in the region with local clearing facilities, DGCX is well positioned to safeguard participants against counterparty risk and guarantee settlement. ”
CCP12 is a not-for-profit, informal association, and presently has 30 member organisations from all over the world.
