Tuesday, 28th June 2005 (3036 views)

The Dubai Gold and Commodities Exchange (DGCX) is now open for membership.

Operations will begin in November this year, with the exchange planning to trade in gold futures contracts initially.

The exchange will be the first electronic multi commodity derivates exchange in the Middle East.

In addition, the service has now identified its initial clearing banks.

"DGCX is a key initiative for Dubai and we believe that the exchange will create a dynamic and transparent marketplace, which will generate greater trade flows and associated benefits within the region, including creation of jobs and wealth," David Rutledge, chairman of the exchange and acting CEO of the Dubai Metals and Commodities Centre (DMCC), told AME Info.

Membership will see members spilt into two categories - trade and broker.

It is hoped the system will allow investors, traders and producers the chance to conduct business in a transparent environment without any counterpart risk.

Trading will run for seven days per week and 13 hours a day.

 

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