Tuesday, 12th July 2005 (4133 views)

The Dubai Gold and Commodities Exchange (DGCX) have seen great growth in new membership.

DGCX is set to be launched later this year and will be used for trading in gold contracts from a global electronic trading platform.

However, it has already seen high demand from potential traders.

Officials at the DGCX have been overwhelmed by membership applications despite strict financial regulations being enforced.

The exchange boasts as being the world’s only borderless trading platform and members are reported to have come from the Middle East, India and also many parts of Europe.

The new exchange is part of the plan to develop Dubai into a hub of finance and services.

The DGCX, an electronic commodities derivatives exchange which will be established within the Dubai Metals and Commodities Centre, will be regulated by Emirates Securities and Commodities Authority.

It is intended to complement rather than compete with the Dubai Mercantile Exchange
(DMEX).

Ahmed bin Sulayem, CEO of the DMCC said: “The existence of the two exchanges has nothing to do with competition as we are focusing on gold and silver, and then at a later stage we shall target other commodities as well, including steel and cotton.

“On the other hand DMEX is intended to focus on energy futures and stocks," he concluded.

 

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