Standard Chartered Appointed Clearing Bank for Dubai International Financial Exchange
Standard Chartered has been appointed as the clearing bank for the Dubai International Financial Exchange (DIFX), the stock exchange located inside the Dubai International Financial Centre (DIFC). The DIFX plans to begin trading securities on 26th September 2005, using the US dollar. It chose Standard Chartered in preference to rival bids from a number of other international banks. As the DIFX’s clearing bank, Standard Chartered will process all cash receipts and payments for DIFX-appointed settlement banks under a tri-partite agreement between the DIFX, the clearing bank and each settlement bank.