Dubai: The Dubai Mercantile Exchange (DME), the premier international energy futures and commodities exchange in the Middle East, said on Wednesday that ABN Amro Bank N.V. has been approved to issue Letters of Credit (LCs) for trading on the DME directly from Singapore.
“The trading needs of our customers depend on a robust financial platform underpinned by the ability of our banking partners to facilitate the issuance of LCs from Singapore. We are pleased to have ABN Amro on board and together we look forward to supporting the needs of our expanding customer base in Asia through this latest initiative,” Owain Johnson, managing director of the DME, said in a statement.
The approval comes after extensive joint efforts to facilitate the trading activities of the DME’s and ABN Amro’s customers in Asia.
ABN Amro will now be able to issue LCs directly from Singapore to guarantee deliveries of Oman Blend crude oil through the DME, helping to create a more efficient, cost-effective and reliable trading ecosystem around the exchange.