BUCE and Dubai Gold and Commodities Exchange to Collaborate on Clearing

April 4, MINSK . The Belarusian Universal Commodity Exchange and the Dubai Gold & Commodities Exchange (DGCX), which is the largest platform for derivatives trading in the Middle East and North Africa (MENA) region, plan to establish cooperation in the field of clearing. Such an agreement was reached during a meeting between BUCE Chairman of the Board Alexander Osmolovsky and DGCX Chairman of the Board Ahmed Bin Sulayem, BELTA learned from the BUCE press service.

Since BUCE currently does not clear exchange transactions and settlements occur directly between sellers and buyers, the HEAD of the Dubai Exchange expressed readiness to provide BUCE clients with access to the services of the DGCX clearing and settlement house. it is expected that the use of clearing will improve the efficiency of settlements and reduce the risks of Belarusian trading participants, especially when making cross-border transactions.

"We have over 20 years of experience in clearing, and our clearing house is the largest in the MENA region. At the same time, we work with different asset categories - currency, precious and base metals, hydrocarbons and securities. In this regard, we are universal and, if necessary, we can easily adapt our risk management tools to the needs of Belarusian companies. I am confident that our cooperation will bring real benefits to the businesses of Belarus and the UAE and will stimulate the development of exchange trading between our countries," said Ahmed Bin Sulayem.

According to Alexander Osmolovsky, the partnership of the Belarusian and Emirati exchange platforms will also help increase the attractiveness of BUCE for the business community of the UAE, which, according to the results of the first quarter, was among the leaders in the amount of exchange transactions with residents of Belarus. "The United Arab Emirates is one of the key markets for Belarusian goods. In January-March, Emirati companies concluded exchange transactions to purchase Belarusian products worth about $24 million. This is 9 times more than in the first quarter of last year. Belarusian sawn timber, dry MILK and amino acids were in greatest demand among traders from the UAE. I think that the introduction of clearing with the assistance of DGCX will help attract large Emirati importers to our platform and will contribute to further growth of exchange trade turnover between Belarus and the UAE," emphasized the Chairman of the Board of BUCE.

In addition to interaction in the field of clearing, the parties discussed joint work within the International Association of Exchanges (IAE). Ahmed Bin Sulayem expressed interest in participating in the annual general meeting of IAE members, which will be held in Minsk in June of this year.

The Belarusian Universal Commodity Exchange was established in 2004. The first trades took place in June 2005. The Belarusian Universal Commodity Exchange is one of the largest commodity exchanges in Eastern Europe. Its main function is to assist Belarusian enterprises in exporting their products and to assist foreign companies in entering the Belarusian market. The exchange sells metal, timber, agricultural products , industrial and consumer goods of a wide range.