Recognition allows DIFC registered entities access to DGCX Group to trade and clear wide ranging products
The Dubai Gold and Commodities Exchange (DGCX) and its CCP Operator arm, Dubai Commodities Clearing Corporation (DCCC) has been granted the status of a 'Recognised Body' by the Dubai Financial Services Authority (DFSA), the regulatory authority for the Dubai International Financial Centre (DIFC), enabling DIFC companies to access its products.
The Recognized Body status takes effect immediately and enables financial institutions domiciled in the DIFC and licensed by the DFSA to become members of the DGCX, the leading "Exchange of Choice" in the region.
Upon becoming a Member of DGCX/DCCC, financial institutions can directly access the Exchange to trade and clear all products listed on the Exchange. As standard process, before applying for a DGCX membership, these financial institutions have to first obtain a No Objection Certificate (NOC) from the DFSA.
Gaurang Desai, Interim CEO of DGCX, commenting on the recognition, said: "We are extremely pleased to receive this recognition from the DFSA, which will enable us to offer the full range of our listed derivatives products in all asset classes to the established and fast-growing DIFC community. This recognition will expand our membership base and further strengthen our liquidity pool while bringing more diverse participants into the DGCX market. We look forward to extending our network of regional and global partnerships through institutions based within the DIFC."
DFSA sets standards for exchanges inside of the DIFC and they grant Recognised Body status to exchanges that meet their standards and operate outside of the DIFC globally. Exchanges approved as a Recognised Body are permitted to provide direct market access to the firms within the DIFC.
Financial institutions domiciled in the DIFC and licensed by DFSA interested in applying for a DGCX membership must be licensed to carry out Futures & Options activities by the DFSA.About DGCX:
Established in 2005, DGCX is the region's first derivatives exchange and the only one allowing participants to clear and settle transactions within the Gulf region. The Exchange has played a pioneering role in developing the regional market for derivatives. DGCX is majority owned by Dubai Multi Commodities Centre (DMCC), a strategic initiative of the Government of Dubai, with a mandate to enhance commodity trade flows through the Emirate by providing the appropriate physical, market, financial infrastructure and services required.. It is an electronic commodity and currency derivatives exchange with 267 members from across the globe, offering futures and options contracts covering the precious metals, energy and currency sectors. For more information: www.dgcx.ae
© Press Release 2015
