HSBC joins DGCX
Headquartered in London, HSBC is one of the largest banking and financial services organisations in the world. HSBC's international network comprises over 9,500 offices in 76 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. HSBC provides a comprehensive range of financial services: personal financial services; commercial banking; corporate, investment banking and markets; private banking; and other activities.
The HSBC Group's history in the bullion market can be traced back to 1853 when Samuel Montagu & Co. Limited, member of the HSBC Group, was established. Samuel Montagu was a founding member of the silver fixing in 1897 and gold fixing in 1919. HSBC is a market making member of the London Bullion Market Association (LBMA) and the London Platinum and Palladium Market (LPPM). HSBC has been ranked as the number one dealer in gold and silver every year since 2003 in the prestigious Risk Magazine annual survey.
DGCX Chairman, Colin Griffith, said,
'Frankly, there is no better endorsement of the success to date, and the potential of the DGCX than us being in a position to confirm that an institution of the stature of HSBC has joined as a Precious Metals Trade member. With gold continuing to trade at record levels and being front page news around the world, the eyes of the global commodities trading community are very much on Dubai and the DGCX. With HSBC on board and committed to the DGCX we can only see our influence and importance develop.'
David King Managing Director, Business Development, Corporate, Investment Banking and Markets commented:
'I am delighted that HSBC has become a Trade Member of the Dubai Gold & Commodities Exchange (DGCX).
As the world's leading Bullion Trader, with operations throughout the world and a very significant and long established presence in the Middle Eastern region, membership of the Exchange makes eminent sense and will enable us better to service our many clients in this region. We believe that the creation of the DGCX represents an important initiative, enabling the physical gold market place to leverage the many opportunities arising from Dubai's rapidly growing presence in the global gold market place.'
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