• Hamed Ali: "A leading initiative as part of efforts to strengthen integration of Dubai’s financial and commodities markets’ ecosystem and unlock DFM’s numerous opportunities”
  • Growing demand from DGCX brokers to provide their services in the DFM

Dubai: Dubai Financial Market (DFM) today announced that it has obtained the approval of the Securities and Commodities Authority (SCA) to allow the Dubai Gold and Commodities Exchange (DGCX) licensed brokerage firms to become DFM derivatives members and to provide their services in the market for the first time.

Currently, there are approximately 21 DGCX brokers licensed by SCA and this significant step caters to the growing demand from these companies to access the DFM. The market has received a number of inquiries or interests, which are under study in order to finalize licensing.

Hamed Ali, CEO of DFM and Nasdaq Dubai welcomed SCA’s Chairman Decision No. (15/R.M) of 2022, pertaining to rules of DGCX brokerage firms seeking a DFM derivatives membership, as an example of SCA’s continuous cooperation, which facilitated the accomplishment of this unprecedented step that enables DGCX members direct and seamless access to the DFM, hence offering new trading opportunities to their clients.

According to the SCA’s decision, DGCX’s brokerage companies can acquire a range of DFM derivatives membership licenses, including: trading brokerage, trading and clearing brokerage or trading and general clearing brokerage, in line with their DGCX license.

“Dubai enjoys a comprehensive ecosystem of financial and commodities markets, and we are committed to further strengthen its integration by streamlining market participants’ access to DFM’s numerous opportunities and reinforce its status as one of the leading regional markets providing multiple asset classes such as; equities, ETFs, equities’ futures, crude oil futures, etc. to meet the growing demand from DFM’s diversified base of local and international investors,” Hamed Ali said.

“For instance, the DFM recently launched trading of Oman crude oil futures contracts in collaboration with the Dubai Mercantile Exchange and is rapidly expanding its futures’ market. Furthermore, we are planning to grow this market segment further by introducing new products on other asset classes," Hamed Ali added.


About Dubai Financial Market:

Dubai Financial Market (DFM) was established as a public institution with its own independent corporate body. DFM operates as a secondary market for the trading of securities issued by public shareholding companies, bonds issued by the Federal Government or any of the local Governments and public institutions in the country, units of investment funds and any other financial instruments, local or foreign, which are accepted by the market. The DFM commenced operations on March 26, 2000 and became the first Islamic Shari’a-compliant exchange globally since 2007. Following its initial public offering in November 2006, when DFM offered 1.6 billion shares, representing 20 per cent of its paid-up capital of AED 8 Billion, DFM became a public joint stock company and its shares were listed on 7 March 2007 with the trading symbol (DFM). Following the IPO, the Government of Dubai retained the remaining 80 per cent of DFM Company through Borse Dubai Limited. www.dfm.ae

For further information, please contact:
Atef Fathy
Vice President – Head of Media & Public Relations
Dubai Financial Market
Email: afathy@dfm.ae