The Dubai Gold & Commodities Exchange (DGCX) further expanded its relationship with the Chinese derivatives market with the signing of a Memorandum of Understanding (MoU) with the China Futures Association (CFA).
The agreement seeks to enhance ties between the markets of China and the UAE, with a focus on increasing interaction between key players in the derivatives industry both in the private and public sectors.
China Futures Association (CFA) is a Beijing-headquartered non-profit self-regulatory industry body with the capacity to implement laws, regulations and policies for the futures market. It acts as the bridge between the government and the futures market, exercising self-regulation and safeguarding the legitimate interests of its members. It is also committed to pushing for the sound and stable development of China's futures market, via maintaining the transparency, fairness and equality in the futures market, providing training on professional ethics, and boosting standards.CFA members include futures brokerage firms, futures exchange special members and licensed individual futures traders.
Gaurang Desai, Interim Chief Executive Officer of DGCX, said: "We are delighted to have signed this MoU with CFA. Not only will this bring us closer to the Chinese derivatives market, it will also allow us to gain a better understanding of each other's strategies and business goals to leverage mutual synergies It is important for us to expand our relationships with markets across the world, and this can only be done through partnerships like these that offer us the opportunity to have first-hand interactions with the key stakeholders of the market."
Mr. Zhichao Liu, Chairman of CFA said: "This is an exciting partnership for us. DGCX's large member community, as well as its substantial leadership in the region's financial markets provides us with opportunities to expand our own global network of relationships. This MoU will be a significant opportunity to support each other's growth by sharing best practices, industry knowledge and market information. "
This MoU is one among a growing number of industry partnership agreements signed between the UAE and China in the last few years. These agreements provide a platform for expanding cooperation and promoting investments in each other's countries.About CFA:
Founded on December 29, 2000, CFAis a self-regulatory organization for the futuresindustry in China. CFA aims at realizing self-regulation management on futures industry; exerting the bridge and link roles between government and futures industry,servingits members, and protecting investor's interests. As of March 2015, CFA has 260 members including 151 members of futures companies, 70 members of introducing brokers companies，5 special members of futures exchanges and China Futures Margin Monitoring Center and 34 affiliate members of local associations. For more information:www.cfachina.org
About DGCX:
Established in 2005, DGCX is the region's first derivatives exchange and the only one allowing participants to clear and settle transactions within the Gulf region. The Exchange has played a pioneering role in developing the regional market for derivatives. DGCX is majority owned by Dubai Multi Commodities Centre (DMCC), a strategic initiative of the Government of Dubai, with a mandate to enhance commodity trade flows through the Emirate by providing the appropriate physical, market, financial infrastructure and services required.. It is an electronic commodity and currency derivatives exchange with 267 members from across the globe, offering futures and options contracts covering the precious metals, energy and currency sectors. For more information: www.dgcx.ae
© Press Release 2015
