DGCX has been accepting applications for Broker Membership and Precious Metals Trade Membership since late June 2005. Applications for first tranche membership closed on August 10, 2005.
Broker Membership entitles the holder to trade in all of DGCX's markets as principal and on behalf of clients. Trade Membership entitles the holder to trade as principal in a designated group of DGCX markets.
Framroze Pochara, DGCX's Chief Executive, said today that the Exchange had already received more than 230 applications for Membership. "This is an overwhelmingly positive response from the marketplace and vindicates the business model that DGCX has developed", said Pochara.
"We have seen exceptionally strong interest from the UAE together with considerable interest from elsewhere. Applicants have included leading banks, both international and regional, bullion dealers and brokers. Based on this response we are very confident of having a large, broadly based and geographically diverse market when we go live in November", he concluded.
DGCX will trade 7 days a week with trading hours extending from 10.00 am to 11.00 pm to overlap with trading hours in US, Europe and the Far East. DGCX members will be able to connect to the DGCX trading system from anywhere in the world. The orders placed by members on the exchange will be routed to a central order book with automatic order matching algorithm.
DGCX will commence trading in November 2005, first with gold futures, then silver futures and gold and silver options. These will be followed during 2006 and 2007 by a range of futures and options products in steel, fuel oil, freight rates, cotton and other commodities.
DGCX is a joint venture between Dubai Metals and Commodities Centre (an Authority of the Government of Dubai, Multi Commodity Exchange of India and Financial Technologies (India) Ltd.
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DGCX receives overwhelming response in exchange membership
- United Arab Emirates: Tuesday, August 16 - 2005 at 13:50
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Dubai Gold and Commodities Exchange (DGCX), the world's newest electronic commodities derivatives exchange, announced today that it had received an overwhelming response in exchange membership with over 230 applications since it opened up for membership less than two months ago.
Framroze Pochara, DGCX's Chief Executive.
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Posted by Anne-Birte Stensgaard, Senior News EditorTuesday, August 16 - 2005 at 13:50 UAE local time (GMT+4)
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This article was updated on Wed Oct 19 2005.
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About DGCX
The Dubai Gold and Commodities Exchange (DGCX) is a fully automated, screen-based, online commodities exchange scheduled to start live operations in November 2005.Strategically located in Dubai, the exchange is the first international commodities derivatives marketplace in the time zone between Europe and the Far East. A joint venture between the Dubai Metals and Commodities Centre, (DMCC), Financial Technologies (India) Limited (FTIL) and Multi Commodity Exchange of India Ltd. (MCX), the DGCX will be located in the DMCC free zone in the prestigious purpose-built AU (Gold) Tower. With its extensive portfolio of listed commodities including Gold, Silver, Freight, Cotton, Steel and Fuel Oil, DGCX is set to offer an efficient electronic platform for the trading, clearing and settlement of a diverse range of commercially important derivative products.
For further information, please contact:
Sandeep Sharma/ Tim Harrison
ASDA'A Financial
Edelman affiliate in Middle East and North Africa
Dubai, UAE
Tel: +971-4-3344550
Fax: +971-4-3344556
The Dubai Gold and Commodities Exchange (DGCX) is a fully automated, screen-based, online commodities exchange scheduled to start live operations in November 2005.Strategically located in Dubai, the exchange is the first international commodities derivatives marketplace in the time zone between Europe and the Far East. A joint venture between the Dubai Metals and Commodities Centre, (DMCC), Financial Technologies (India) Limited (FTIL) and Multi Commodity Exchange of India Ltd. (MCX), the DGCX will be located in the DMCC free zone in the prestigious purpose-built AU (Gold) Tower. With its extensive portfolio of listed commodities including Gold, Silver, Freight, Cotton, Steel and Fuel Oil, DGCX is set to offer an efficient electronic platform for the trading, clearing and settlement of a diverse range of commercially important derivative products.
For further information, please contact:
Sandeep Sharma/ Tim Harrison
ASDA'A Financial
Edelman affiliate in Middle East and North Africa
Dubai, UAE
Tel: +971-4-3344550
Fax: +971-4-3344556
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