Dubai: The Dubai Gold & Commodities Exchange (DGCX) today announced that it has received a permit from the Israel Securities Authority (ISA), enabling qualified Israeli corporations who trade on proprietary basis to become members of the DGCX and to use its trading services and platforms. Israeli members will also then have access to act as market makers on the DGCX platform.
The move allows the DGCX Group to introduce its diversified global products and services, including Futures and Options Contracts that cover precious metals, energy, equities and currency sectors - within Israel - as it continues to expand its role as the leading Middle East exchange for trading of derivatives.
Les Male, CEO of DGCX, said: “The strengthening of ties and opening up of markets between the UAE and Israel represents an incredibly exciting moment in the DGCX story and the wider GCC region, as we continue to expand internationally by providing investors and market participants with products and services that are highly innovative and that add true value. We are delighted to be able to welcome Israeli investors and market participants to a global community of over 100 members from around the world.”
On 13 August 2020, the UAE and Israel issued a historic joint peace treaty that normalised relations between them. The new situation provides enormous trade and business opportunities for investors and businesses in the UAE and Israel.
“The landmark development of the Abraham Accords provides a springboard for the Israeli community to come to Dubai and invest, opportunities for our new Israeli member base to hedge risk, and to invest in secure and safe assets during times of uncertainty. Our contracts have already opened a door for international traders by providing offshore access to specific regional markets, especially India, one of the world’s largest bullion-trading hubs. We look forward to opening doors for traders from Israel,” Male added.
The Exchange announced that it traded 12.73 million contracts in 2020, and recorded a yearly AOI of 220,504 contracts in 2020.
“The permit holder’s operations are not subject to the supervision of the Israel Securities Authority. This permit does not constitute an opinion regarding the quality of the services rendered by the permit holder or the risks that such services entail.”
The Dubai Gold & Commodities Exchange (DGCX) was founded in 2005. The DGCX owns and operates the Clearing House – Dubai Commodities Clearing Corporation (DCCC). DGCX & DCCC are regulated by the Securities & Commodities Authority (SCA). It is recognised as a licensed Central Clearing-Counterparty (CCP) by SCA and a Third-Country CCP by European Securities Markets Authority (ESMA).
© Press Release 2021