Financial Daily from THE HINDU group of publications
Tuesday, Nov 22, 2005
Financial Daily from THE HINDU group of publications Tuesday, Nov 22, 2005 |
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Agri-Biz & Commodities
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Commodity Exchanges Industry & Economy - Precious Metals Dubai gold exchange to commence trading today Vimala Vasan
Abu Dhabi , Nov. 21 DUBAI Gold and Commodities Exchange (DGCX), the world's newest commodities exchange and the first such marketplace in West Asia, will commence trading on November 22. The DGCX is a fully automated, screen-based, online commodities exchange, and is the first such commodities derivatives marketplace between Europe and the Far East, according to a statement from DGCX. The DGCX is a joint venture between the Dubai Metals and Commodities Centre, (DMCC), Financial Technologies (India) Ltd (FTIL) and Multi Commodity Exchange of India Ltd. (MCX). Here, members will be able to trade in six forward months for gold futures. The trading of silver futures and gold and silver options will be available during first quarter of 2006. Following this, a diversified range of commodities such as steel, marine fuel oil, freight rates and cotton will be introduced for trading. Mr Framroze Pochara, Chief Executive of the DGCX, said, "November 22 will be a momentous day for Dubai, the global commodities trading community and the wider business community." From Day One, the 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. The market will ensure that the best risk containment measures are implemented and followed.
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