Natixis Approved to Issue Letters of Credit for Trading on DMESource: www.export-egypt.com 11/25/2015, Location: Middle East |
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Dubai Mercantile Exchange, DME, and Natixis, a French corporate and investment bank, are pleased to announce that Natixis has been approved to issue Letters of Credit, LCs, for trading on the Dubai Mercantile Exchange directly from Singapore.
Natixis is the international corporate, investment, insurance and financial services arm of Groupe BPCE, the 2nd-largest banking group in France. The approval authorises Natixis to issue LCs on behalf of its clients to guarantee deliveries of Oman Blend crude oil through the DME. "With the entry of Natixis, we now have the support of a major financial institution operating in Singapore to make it easier for our mutual clients to trade on the DME," said Owain Johnson, Managing Director of the Dubai Mercantile Exchange. "Natixis joining our list of approved guarantors adds to the strength of our trading platform. As well as boosting much-needed liquidity, the move will facilitate better risk management for all trading participants ultimately improving efficiencies and spurring further expansion of the Oman crude contract." L-Thanh Nguyen, Head of Global Energy and Commodities, Singapore, at Natixis, said, "We look forward to working with the DME to create a more secure and transparent trading environment and support the needs of our customers trading on the exchange. Further expanding our trade finance activities is a major focus for us in Asia and we look forward to supporting the needs of our mutual customers to play a more integral role in the energy supply chain within the important trade dynamic that exists between Asia and the Middle East." |
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