Settlement

DCCC has established relationships with 6 leading banking institutions which have been designated DCCC Approved Clearing Banks :

  • HSBC Middle East – Global Bank
  • Emirates NBD – Local Bank
  • Standard Chartered Bank – Global Bank
  • Bank of Baroda – Regional Bank
  • Bank of China – Global Bank
  • Industrial and Commercial Bank of China – Global Bank

To view more details about our clearing banks above, click here

All DGCX Clearing Members (CM’s) are required to open a dedicated settlement account with one of DCCC’s Approved Clearing Banks. CM’s should ensure that settlement accounts are funded sufficiently to cover daily variation margin requirements or in situations where additional margin calls are collected intra-day. The entire funds settlement process is “Straight through Processing”(STP) with minimal manual intervention.

Mark to Market is calculated at the end of each day at market close, with settlement occurring on a T+1 basis at 6am for Pay In and 10.30am for Pay Out, when the payment instructions are sent to the members settlement bank.

DCCC has implemented a secured proprietary network, as well as global best practice solutions, for example SWIFT, to interface with approved clearings banks, mitigating the risk of sensitive data leaks or settlement failure.