Dubai: The Dubai Gold & Commodities Exchange (DGCX) and the Multi Derivatives Exchange Nepal (MDX), a proposed derivatives exchange in Nepal that has applied for a regulatory license from SEBON to operate a commodities and derivatives exchange, today announced the signing of a Memorandum of Understanding (MoU), agreeing to collaborate and share knowledge on areas of mutual benefit surrounding commodity trading. DGCX and MDX will host workshops and meetings to further the scale of the alliance and promote strong cooperation between the exchanges.
Under the MoU, DGCX will work closely with MDX in areas of shared interest including trading, clearing, settlement, delivery of contracts, compliance and surveillance, contract design and pricing, technology, and risk management.
Les Male, CEO of DGCX, added: “This agreement comes in accordance with our vision to expand our knowledge base, and foster more collaboration in the industry and across borders. At DGCX, we are always looking for innovative ways to develop and enhance our offering, and we are confident that this partnership will lead to a successful and fruitful outcome that is mutually beneficial to both parties.”
Dipak Raj Pandey, Coordinator of MDX, said: “DGCX and MDX share a common goal to follow international best practices and provide innovative derivatives products to our members. The signing of this MoU is a significant step towards productive collaboration, and will allow us to leverage each other’s strengths, knowledge and experiences.”
Les Male, CEO of DGCX, Dipak Raj Pandey, Coordinator of MDX, signed the agreement at the DGCX office in Dubai at a ceremony attended by senior representatives from both sides.
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About DGCX: Established in 2005, DGCX is the region’s leading derivatives exchange and the only one allowing global participants to trade, clear and settle transactions within the Gulf region. The Exchange has played a pioneering role in developing the regional market for derivatives and financial infrastructure. DGCX is an electronic commodity and currency derivatives exchange with over 175 members from across the globe, offering futures and options contracts covering the precious metals, energy, equities and currency sectors. DGCX is a subsidiary of DMCC (Dubai Multi Commodities Centre), a Dubai Government Authority for trade, enterprise and commodities. For more information: www.dgcx.ae
DGCX also owns and operates the region’s largest and only multi-asset Clearing House – Dubai Commodities Clearing Corporation (DCCC). DCCC is federally regulated by the Securities & Commodities Authority (SCA) and is recognized as a Third-Country CCP by European Securities Markets Authority (ESMA) with over 60 clearers from across the globe. For more information: www.dccc.co.ae
For further information, please contact:
Jonathan Fisher
Weber Shandwick PR
Tel: +971 (0) 4 445 4222
Email: JFisher@webershandwick.com
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