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Rediff News  All News  » Business » Dubai Commodities Exchange opens

Dubai Commodities Exchange opens

November 22, 2005 13:50 IST
Dubai Gold and Commodities Exchange, the world's newest commodities exchange and the first such marketplace in the Middle East, started trading this morning.

The exchange is joint venture between Financial Technologies (India) Ltd and Multi Commodity Exchange of India Ltd and the Dubai Metals and Commodities Centre.

The exchange was officially inaugurated on Monday night by General Shaikh Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Defence Minister.

With the opening of DGCX for derivatives trading, Dubai has joined the big league commodities derivatives trading such as Chicago, New York, London and Tokyo.

"November 22 will be a momentous day for Dubai, the global commodities trading community and the wider business community. The world's newest exchange and the Middle East's first electronic derivatives exchange started trading," Framroze Pochara, chief executive of DGCX said.

DGCX will offer an uninterrupted trading window of 13 hours and fill the time gap between Far East and Europe.

The exchange is confident that it will see wide participation from approved members from diverse backgrounds such as commodity traders, banks, brokerages and other financial institutions, who will trade and clear their obligations on T+1 basis.

Indian consul-general in Dubai Yash Sinha said the opening of the exchange, which was completed in a record time of just over a year, was a testimony to the close economic relations between UAE and India.

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