ABN Amro to issue LCs for DME trading from Singapore

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.

About the Author

Dave R. Brown
Dave moved to Gulf Feed from Burnbrae Asset Management, where he headed up the new business team of the financial services division. Aside from his expertise in delivering value for a large network of clients, Dave has a wealth of experience in the areas of the financial markets and implementing change management. This was gained from his time managing GECR, an equity research company, where he returned it to profitability from a period of heavy losses. Dave has a background in mathematics and his previous experience, prior to Burnbrae Asset Management, was as an investment analyst for MSCI.