- DGCX, the first commodities derivatives exchange in the Middle East, will commence trading in gold futures tomorrow.
- His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai, to inaugurate the new exchange in a ceremony to be held today evening.
Dubai - Dubai Gold and Commodities Exchange, the world's newest commodities exchange and the first such marketplace in the Middle East, will commence trading, November 22nd at 10am.
Prior to the launch of active trading senior figures from the Government of Dubai, regional business and financial leaders, market regulators, market participants and DGCX stakeholders will gather to mark the occasion in a spectacular event to be held at the Jumeirah Beach Hotel. The ceremony will be attended by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Defence Minister.
Framroze Pochara, Chief Executive of DGCX said, "November 22 will be a momentous day for Dubai, the global commodities trading community and the wider business community. Tomorrow, the world's newest exchange and the Middle East's first electronic derivatives exchange will be trading."
From day one, DGCX will offer an uninterrupted trading window of thirteen hours and fill the time gap between Far East and Europe. The exchange is confident that it will see wide participation from approved members from diverse backgrounds such as commodity traders, banks, brokerages and other financial institutions, who will trade and clear their obligations on T+1 basis. The market will ensure that the best risk containment measures are implemented and followed.
The first commodities derivatives exchange in the heart of one of the busiest trading centre, Dubai will lead to increased economic activity, job creation and knowledge levels. This will open up career opportunities in one more exciting field - Commodities derivatives, both for persons who already have finance related experience as well as fresher's who are about to venture into the job market. DGCX believes in providing end-to-end solutions for the commodities markets - providing a regulated and secure exchange mechanism, providing a new line of business, imparting knowledge, educating the marketplace and thus contributing to the already vibrant economy of the region. The launch of the commodities exchange will be one more very good reason for international players to come and set-up shop in Dubai.
-Ends-
About DGCX
The Dubai Gold and Commodities Exchange (DGCX) is a fully automated, screen-based, online commodities exchange scheduled to start live operations from 22nd 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. At launch, members will be able to trade in six forward months for gold futures. The trading of silver futures and gold and silver options will be available during first quarter of 2006. Following this, a diversified range of commodities such as steel, marine fuel oil, freight rates and cotton will be introduced for trading.
For further information please contact:
Dubai Gold & Commodities Exchange
Rola Shalak
Senior Executive - Marketing
Mob: 97150 6451736
E-mail: rola.shalak@dgcx.ae
John Hobday
Citigate Middle East
Tel: 971 4 332 8832
Mob: 971 0 50 464 8706
E-mail: john.hobday@citigateme.com
Manash Bhuyan
Citigate Middle East
Tel: 971 4 332 8832
Mob: 971 0 50 841 9631
E-mail: manash.bhuyan@citigateme.com
© Press Release 2005
