Forms and Formats

Know Your Customer (KYC) Form

Know your customer (KYC) is the process of a business, identifying and verifying the identity of its clients. When a Member approaches DCCC and wishes to participate on it, the Member is asked to provide specific documentation to enable DCCC to identify, verify, and maintain records regarding a Member’s business’ structure, as well as key personnel who control and own the business. This is known as KYC. 

DGCX Group has a KYC policy that covers due diligence carried out by DCCC, on behalf of its Members and parties related to them, in accordance with the DCCC Clearing Rules and applicable SCA regulations. The policy also contains an overview of DCCC and its Members obligations in respect of KYC. On an ongoing basis, KYC information provided by Members is re-assessed, and Members are requested to assist DCCC in updating KYC information, (at a minimum annually), and where necessary. The KYC framework, applied at DGCX Group, enables DCCC to get to know its Members business and build a sustainable relationship by helping to protect against the potential risks of financial crime. DCCC follows best practice global industry standards, including following the globally recognized Financial Action Task Force (FATF) guidelines for customer identification and record keeping.

DCCC Clearing Rules B.4.3(e), respectively, draws reference to these requirements and require Members having clearing rights to adhere to these rules while carrying out the necessary due diligence of its Clients. In particular, these obligations include:

  • Documents are to be kept for minimum period of 10 years.
  • On closed accounts, documents are to be kept for minimum 10 years.
  • Documents are to be stored at safe location.
  • Documents are to be seen in original.
  • Documents of foreign Clients are to be notarized by a legal officer or government officer.
  • Client profiles are to be continuously updated.

 

DGCX Group and DCCC strictly adheres to applicable regulations in respect of KYC.

Mandatory Regulatory Requirements:

Outlines the minimum standards for capturing background information about the Client.

Guidelines on what the KYC process involves and KYC supporting documents to be obtained at the time of on boarding new clients.

Broker Client Agreement (BCA)

A mandatory document to be signed between the Broker Member and the Client.

Risk Disclosure Statement (RDS)

A mandatory document to be signed between the Broker Member and the Client.

Additional Requirement For Trading On Single Stock Futures (SSF)

To be signed by all Clients trading on SSF.

Rule Books

Exchange By-Laws

The Exchange By-Laws are approved by the SCA and provides rules to followed by its Market participants.

DGCX BY-LAWS - VERSION 2 (PDF)

New by-laws applicable from 13 May 2019

SCA Regulations

The SCA regulations 157/R of 2005 provides for the regulations pertaining to commodities market:

SCA REGULATIONS 157R OF 2005 (PDF)

SCA regulations Administrative Decision No. (123/R.T) of 2017:                          

ADMINISTRATIVE DECISION NO 123RT 2017 (PDF)

DCCC Clearing Rules

DCCC (The Dubai Commodities Clearing Corporation) clearing rules are approved by the Securities and Commodities Authority (SCA), the federal regulator in the UAE and provides rules to be followed by its Market participants, in clearing activities.

DCCC CLEARING RULES

CCP Regulations

The Dubai Commodities Clearing Corporation (DCCC) is a Dubai Multi Commodities Centre (DMCC) Free Zone Company that is wholly owned by Dubai Gold & Commodities Exchange (DGCX) and is regulated by the Securities & Commodities Authority of the UAE (SCA). DCCC functions as the Central Counter Party (CCP),  offering fully integrated clearing & settlement services and collateralisation of DGCX-traded derivatives. DCCC members and their clients benefit immensely from secured settlements and capital efficiencies afforded to them via margin offsets and a wide range of acceptable collateral, compared to any other CCP’s in the region.

CCP’s benefit both parties in a transaction because they bear most of the credit risk. If two individuals deal with one another, the buyer bears the credit risk of the seller, and vice versa. When an industry regulated CCP,  like DCCC, is central to a transaction, the associated credit risk burden between both buyer and seller, is borne by the CCP, thereby providing transparency, stability and a common regulatory framework to the financial markets that they operate in.

DCCC was set up with the following objectives:

  • to bring and sustain confidence in clearing and settlement cycles
  • to promote and maintain, consistent and straightforward settlement cycles
  • to provide a counter-party risk guarantee, and
  • to be a neutral party to every transaction and offer neutral risk management standards.

DCCC has successfully completed more than 2500 settlement cycles without any defaults or delays since the commencement of operations in November 2005.