CLEARSTREAM, DUBAI COMMODITIES CLEARING COOPERATE (ENGLISH)

     (The following press release from Deutsche Boerse was received by e-mail. 
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News Release
Deutsche Boerse Group
08.10.13 
Dubai Commodities Clearing Corporation and Clearstream cooperate in
collateral management 
* First Middle Eastern central counterparty (CCP) to link to the Global
Liquidity Hub of Clearstream
* Cooperation to go live in Q1 2014
* Clearstream continues to develop open architecture for global liquidity
management to avoid new systemic risk 
JOINT PRESS RELEASE 
Clearstream and the Dubai Commodities Clearing Corporation (DCCC), the
central
counterparty (CCP) of the Dubai Gold & Commodities Exchange (DGCX), have
agreed
to cooperate on collateral management for CCP margining. The Middle Eastern
CCP
will join Clearstream’s extensive central counterparty network by
connecting to
the company’s integrated collateral management environment, the Global
Liquidity Hub. 
By the end of the first quarter of 2014, DGCX customers will be able to
leverage the collateral pools of Clearstream and its global strategic
partners
to meet margin requirements at DCCC through the Global Liquidity Hub.
Thanks to
its open architecture, the Global Liquidity Hub enables market participants
to
manage their growing number of worldwide exposures on a fully automated
basis
out of a single, global collateral pool which consolidates assets held at
Clearstream and its strategic partners. 
DCCC now joins the long list of central counterparties that are already
connected to Clearstream’s liquidity management solution, thereby
benefiting
from Clearstream’s already announced partner central securities
depositories
(CSDs) and agent bank partners such as ASX (Australia), CDS (Canada), Cetip 
(Brasil), Iberclear (Spain), SGX (Singapore), Strate (South Africa), BNP
Paribas, Citibank and Standard Chartered. In total, the Global Liquidity
Hub
already includes over 550 counterparties. 
Gary Anderson, CEO of Dubai Gold & Commodities Exchange (DGCX), said: “We
are
happy to form an alliance with leading global post-trading services
provider
Clearstream to support our members in seamlessly and efficiently accessing
global liquidity pools. Partnerships like these are key building blocks in
our
efforts to transform the Middle East’s derivatives marketplace and become a
key
hub in the global liquidity infrastructure map. Demand for collateral is
expected to grow significantly, driven by both market forces and regulatory 
reform, and DGCX is keen to support its members in deploying collateral
optimally without fragmentation.” 
Gaurang Desai, Chief Operating Officer of DCCC, said: “The partnership with 
Clearstream strengthens our overall offering for DGCX members with a
service
that promotes significant efficiency gains in managing and transferring
collateral. This alliance takes our strategic efforts of being the CCP of
choice in the region a notch further by providing products and services of
international standards to our customers. The Clearstream alliance not only 
allows us to help our members in addressing key liquidity requirements but
also
in creating new value and revenue opportunities through improved collateral 
management.” 
Stefan Lepp, Head of Global Securities Financing and Member of the
Executive
Board of Clearstream, said: “We are pleased to welcome DCCC in our Global
Liquidity Hub as a CCP partner. Our strategy is to grant the market access
to a
growing number of exposure locations such as globally fragmented CCPs while
at
the same time connecting to an increasing number of collateral locations.
The
most important and unique feature of our open model is that the collateral
remains in its current environment and with our partner CSDs, with agent
bank
and with global custodian partners.” 
This unique model, where assets and collateral remain with Clearstream’s
partners, avoids the creation of new systemic risks and at the same time
paves
the way for cost-effective and efficient collateral identification and
allocation on a global basis. The open architecture of the Global Liquidity
Hub
best serves market participants who are looking to use liquidity from
multiple
sources to cover multiple exposure locations on an optimised basis. 
The increasing number of exposure locations spread around the world (such
as
CCPs) joining the Global Liquidity Hub and of Clearstream’s worldwide
strategic
partners (such as CSDs and agent banks) allows Clearstream to become the
prime
source of liquidity and risk management for more and more market
participants. 
Clearstream has a longstanding presence in the Middle East. Its office in
Dubai
was opened in 1995 to cover both the Middle East and Africa with a team of
local sales and relationship specialists. 
About Clearstream 
Clearstream is a leading service provider in liquidity and collateral
management services with more than 20 years of experience in this field. As
an
international central securities depository (ICSD) headquartered in
Luxembourg,
Clearstream provides the post-trade infrastructure for the Eurobond market
and
services for securities from 53 domestic markets worldwide. Clearstream’s
customers comprise approximately 2,500 financial institutions in more than
110
countries. Its services include the issuance, settlement and custody of
securities, as well as investment fund services and global securities
financing. With roughly 11.7 trillion Euros in assets under custody,
Clearstream is one of the world’s largest settlement and custody firms for
domestic and international securities. 
Further information: www.clearstream.com 
About Dubai Commodities Clearing Corporation 
The Dubai Commodities Clearing Corporation (DCCC) was established by the
DGCX
as a wholly owned subsidiary to undertake all clearing, settlement and risk 
management functions. DCCC is the central counterparty for all trades
executed
on the DGCX trading platform, whereby it acts as a seller to all buyers and 
buyer to all sellers on the Exchange. DCCC provides a settlement guarantee
for
all trades executed on DGCX via a Settlement Guarantee Framework, which is
supported by a system of initial and variation margins, and daily
mark-to-market procedures. 
About DGCX 
Established in 2005, DGCX is the region’s first derivatives exchange and
the
only one allowing participants to clear and settle transactions within the
Gulf
region. The Exchange has played a pioneering role in developing the
regional
market for derivatives. DGCX is majority owned by Dubai Multi Commodities
Centre (DMCC), a strategic initiative of the Government of Dubai, with a
mandate to enhance commodity trade flows through the Emirate by providing
the
appropriate physical, market, financial infrastructure and services
required.
It is an electronic commodity and currency derivatives exchange with 267
members from across the globe, offering futures and options contracts
covering
the precious metals, energy, equities and currency sectors. 
Further information: www.dgcx.ae 
Media contact Clearstream 
Nicolas Nonnenmacher, +352-243-36115
nicolas.nonnenmacher@clearstream.com 
Media contact Dubai Commodities Clearing Corporation 
Madyan Jabr, +971 (0)4 361 1614
madyan.jabr@dgcx.ae 
Baiju Francis / Dhanya Isaac (Weber Shandwick PR), +971 (0) 4 445 4222
bfrancis@webershandwick.com, disaac@webershandwick.com 
Further information from Deutsche Boerse Group
is available under http://deutsche-boerse.com/press
Mailto:Media-Relations@deutsche-boerse.com. 
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