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- DMCC and its DGCX and DMCC Tradeflow platforms to collaborate with Borsa Istanbul to further enhance bilateral trade relations
Dubai, UAE: DMCC, the Government and Free Zone authority on trade, enterprise and commodities in Dubai and Borsa Istanbul, have signed a Memorandum of Understanding ('MoU'), to further enhance bilateral trade relations.
The terms of the MoU state the two entities will collaborate to further enhance bilateral trade efficiencies and value added membership services for its market participants.
The signing ceremony hosted by DMCC was attended by Gautam Sashittal, Chief Executive Officer, DMCC; Tuncay Din, CEO of Borsa Istanbul; Gaurang Desai, Chief Executive Officer, DGCX and Sanjeev Dutta, Director, DMCC Tradeflow.
Gautam Sashittal, CEO, DMCC, said:
"At DMCC we value the importance and impact of strategic partnerships and mutual collaboration between trade entities and platforms across the globe. The aim of the MoU we have signed is to further enhance bilateral trade between Dubai and Istanbul, two of the world's largest bullion trading hubs, by providing efficient and enhanced member services for Borsa Istanbul, DMCC Tradeflow and DGCX market participants".
"We are pleased to sign a Memorandum of Understanding to increase trading activity in precious metals and enhance the mutual cooperation between Borsa Istanbul and DMCC. Borsa Istanbul believes in promising prospects for trading and post trade services of precious metals, recognises the importance of a liquid precious metals market, and intends to collaborate with DMCC to develop a common strategy to increase the speed of development of trading services for precious metals", said Tuncay Din, CEO of Borsa Istanbul."
The terms of the MoU cover a number of enhanced membership services that will benefit the Borsa Istanbul, DGCX and DMCC Tradeflow platforms alike including access to responsible sourcing standards; storage infrastructure and financial infrastructure.
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About DMCC
DMCC is the authority on trade, enterprise and commodities in Dubai--home to the world's leading businesses of today, and tomorrow.
The most successful markets create conditions that enable producers, traders and consumers to thrive. DMCC is a Dubai Government Authority committed to developing these ideal conditions and has a strong track record in commodity trade facilitation where we encourage and support business through the platforms we provide. These include our Free Zone, commodity exchanges, legal and regulatory frameworks and our real estate offering.
DMCC is developing the 'Burj2020 District' as part of our DMCC Free Zone expansion strategy to provide leading businesses with a commercial property offering unique to the Dubai marketplace.
Indispensable to the economic growth of the nation, we - together with our members - deliver strong performance today, and sustainable growth tomorrow.
DMCC. Made for Trade.
www.dmcc.ae
About Borsa Istanbul
Borsa Istanbul, with historical roots going back to 1873, is the sole provider in Turkey of trading, settlement, custody and registry services for a wide range of products such as equities, debt securities, repo, sukuk, warrants, options, futures, certificates, and exchange traded funds (ETFs).
Following the successful completion of horizontal integration (via the acquisition of the derivatives and gold exchanges), and of vertical integration (via control of the two domestic post trade firms), Borsa Istanbul demutualized in 2012.
Through its markets, Borsa Istanbul offers corporates, investors and traders in the region a broad range of financial products suited to their needs, and efficient access to extensive capital markets. Post trade and depository services are offered by its majority-owned subsidiaries of Takasbank (Istanbul Settlement and Custody Bank) and MKK (The Central Securities Depository). Borsa Istanbul calculates 360 indices that measure and benchmark equity and fixed income markets in Turkey.
Borsa Istanbul is a shareholder in Sarajevo, Baku, Kyrgyz Republic, and Montenegro Stock Exchanges, as well as LCH. Clearnet.
For further information, please visit Borsa Istanbul at www.borsaistanbul.com/. Follow Borsa Istanbul on Facebook and Twitter.
Press Release 2015
