The Dubai Multi Commodities Centre’s (DMCC’s) new Tradeflow registry has registered and facilitated more than 100 pledges within the first month of operation.
These transactions cover a wide range of commodities including gold, oil and steel, all of which are stored in rated warehouses around the UAE and have generated trade financing from numerous national and international financiers.
Paul Boots, Tradeflow director, comments on the success of the new electronic system: “To have registered and facilitated over 100 pledges in such a short timeframe is a testament to the confidence users have of our state-of-the-art platform. Our team continues to work with financiers and commodity traders to deliver transparent and secure methods to increase the level of trade finance in the UAE. We are pleased that our members are benefiting directly and now look to bring the advantages of the platform to an even wider group of commodity owners and their counterparts.”
Launched in February, DMCC Tradeflow offers a central, web-based registry of ownership for commodities and other assets in the UAE. Owners can store their goods in the country and request the warehouse to issue a warrant, allowing for legal representation of ownership. In turn, the owners can pledge these Tradeflow warrants to financiers in exchange for trade financing.
Last Updated April 20, 2012
Reader Comments