DGCX will be incorporated under the Dubai Metals & Commodities Centre Free Zone Authority.
DGCX is a joint venture between the Dubai Metals and Commodities Centre (DMCC), Multi Commodity Exchange of India Limited (MCX) and Financial Technologies India Ltd (FTIL).
Announcing this latest development, DMCC Acting Chief Executive and DGCX Director, Dr. David Rutledge, said, "As a member of the International Organization of Securities Commissions, SCA is well positioned to regulate DGCX and offers the stability and credibility that will assist us to attract members from around the world."
Dr. Rutledge further added, "With the regulatory structure in place, DGCX will be formally incorporated as a DMCC company. We expect to announce details of the membership structure and requirements, and to call for applications for membership within the coming month."
Commenting on SCA's role as regulator of DGCX, SCA Chief Executive, Mr.Abdulla S. Alturifi, said "We at SCA are looking forward to the challenge of this important role, and to working cooperatively with DGCX to ensure that the highest standards of market integrity and investor protection are maintained".
Mr. Jignesh Shah, Managing Director of MCX and Director, DGCX, said, "We are pleased that the implementation of DGCX is progressing as per schedule. Getting the necessary regulatory arrangements is one of the critical milestones that have been accomplished. Being governed under SCA regulations, DGCX is now well poised to become a dynamic international exchange in the future."
DGCX is due to commence operations before the end of 2005. It will initially list futures contracts in gold, to be followed by gold options, and futures and options on silver. Plans to introduce products based on fuel oil, steel, and freight rates in 2006 are underway.
"We have received a very strong response from the precious metals, energy and steel sectors, and are very confident of a successful launch later this year", said Dr. Rutledge.
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Dubai Gold and Commodities Exchange announces regulatory arrangement with Securities and Commodities Authority
- United Arab Emirates: Wednesday, May 11 - 2005 at 15:56
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Dubai Gold and Commodities Exchange (DGCX) today announced that the Securities and Commodities Authority (SCA) will regulate Dubai's new electronic commodities derivatives exchange.
Dr. David Rutledge, DMCC Acting Chief Executive and DGCX Director.
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Posted by Anne-Birte Stensgaard, Senior News EditorWednesday, May 11 - 2005 at 15:56 UAE local time (GMT+4)
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This article was updated on Wed Oct 19 2005.
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About DGCX
An electronic exchange created as a joint venture between DMCC, Multi-Commodities Exchange of India Limited (MCX) and Financial Technologies (India) Limited (FTIL) to facilitate the trade of gold and commodities. The transactions on the DGCX will take place on a state-of the-art electronic trading platforms and the exchange will commence operations in the second half of 2005. DGCX will eventually be housed in DMCC's landmark AU Tower purpose built for the gold and commodities industries.
About SCA
The Securities and Commodities Authority was established as a public authority in the UAE's capital under federal decree of the UAE President in 2000. SCA is committed to strengthen the legislative structure through issuing such regulations and instructions that ensure the development of the organizational and supervisory framework of list joint-stock companies and other companies operating in the securities field.
About DMCC
The Dubai Metals and Commodities Centre (DMCC) was created in 2002 as part of a strategic goal by the Dubai Government to establish a commodity market. It provides the market infrastructure that brings together a wide range of commodities activities, and is committed to serve the needs of participants in the gold, diamonds and commodities markets. In April DMCC was rated "A" Stable from globally recognized Standard & Poor's rating services, the first such award in Dubai. Residents are offered highly attractive benefits under a free zone status, including a 50-year guaranteed tax holiday, 100 percent ownership, full ownership of business premises, and secure regulated environment.
About MCX
MCX, having permanent recognition from the Government of India, is an ISO 9001:2000 de-mutualised multi commodity exchange. Headquartered in Mumbai (India), MCX is led by an expert management team with deep domain knowledge of the commodity futures markets. MCX offers an array of commodities for futures trading namely Agri Commodities, Bullion, Crude oil, Food grains, Fibre, Metals- Ferrous & Non Ferrous, Pulses, Plantations, amongst others.
About FTIL
FTIL is India's leading technology enterprise delivering mission critical Straight-Through-Processing (STP) solutions comprising Domain Consulting, Technology Licensing and Development Outsourcing for the Global Exchange Marketplaces. FTIL is a Vertical Specialist and a domain expert with proven transaction automation solutions for Equity, Forex, Commodity and Derivatives markets. FTIL has the largest market share and its client list spans across India's largest Exchanges, Brokerages, Banks, Asset Management Companies, amongst others.
For further information please contact: Nasry Abou Zaki, Tarek Lasheen,
Bates Pan Gulf PR
Tel: 2953456 Mobile: 0505245742
An electronic exchange created as a joint venture between DMCC, Multi-Commodities Exchange of India Limited (MCX) and Financial Technologies (India) Limited (FTIL) to facilitate the trade of gold and commodities. The transactions on the DGCX will take place on a state-of the-art electronic trading platforms and the exchange will commence operations in the second half of 2005. DGCX will eventually be housed in DMCC's landmark AU Tower purpose built for the gold and commodities industries.
About SCA
The Securities and Commodities Authority was established as a public authority in the UAE's capital under federal decree of the UAE President in 2000. SCA is committed to strengthen the legislative structure through issuing such regulations and instructions that ensure the development of the organizational and supervisory framework of list joint-stock companies and other companies operating in the securities field.
About DMCC
The Dubai Metals and Commodities Centre (DMCC) was created in 2002 as part of a strategic goal by the Dubai Government to establish a commodity market. It provides the market infrastructure that brings together a wide range of commodities activities, and is committed to serve the needs of participants in the gold, diamonds and commodities markets. In April DMCC was rated "A" Stable from globally recognized Standard & Poor's rating services, the first such award in Dubai. Residents are offered highly attractive benefits under a free zone status, including a 50-year guaranteed tax holiday, 100 percent ownership, full ownership of business premises, and secure regulated environment.
About MCX
MCX, having permanent recognition from the Government of India, is an ISO 9001:2000 de-mutualised multi commodity exchange. Headquartered in Mumbai (India), MCX is led by an expert management team with deep domain knowledge of the commodity futures markets. MCX offers an array of commodities for futures trading namely Agri Commodities, Bullion, Crude oil, Food grains, Fibre, Metals- Ferrous & Non Ferrous, Pulses, Plantations, amongst others.
About FTIL
FTIL is India's leading technology enterprise delivering mission critical Straight-Through-Processing (STP) solutions comprising Domain Consulting, Technology Licensing and Development Outsourcing for the Global Exchange Marketplaces. FTIL is a Vertical Specialist and a domain expert with proven transaction automation solutions for Equity, Forex, Commodity and Derivatives markets. FTIL has the largest market share and its client list spans across India's largest Exchanges, Brokerages, Banks, Asset Management Companies, amongst others.
For further information please contact: Nasry Abou Zaki, Tarek Lasheen,
Bates Pan Gulf PR
Tel: 2953456 Mobile: 0505245742
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