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Mumbai, April 18

The Dubai Gold and Commodities Exchange (DGCX) has increased the membership fees for the broker category.

The exchange launched this membership in the middle of last year at a fee of $100,000. From May 1, the fees will be increased to $150,000.

DGCX has till date approved around 200 corporate entities/partnership firms as its broker-members.

OLD TERMS VALID TILL APR 30

However, completed applications along with full fees submitted by the applicant for broker membership by April 30, will be processed at the original fee of $100,000, the DGCX Chief Executive Officer, Mr Framroze Pochara, said in a release.

Broker members will be able to trade in any products on the DGCX, including currency futures as principal and for their clients.

Trade members are restricted to trade in products within the specific product segment that they are members of and as a principal only.

Forex trade

DGCX also issued more details about its plans to allow foreign exchange futures trading on the exchange.

A new category of membership has been introduced, "forex trade membership" (FTM) and DGCX has announced the fees for both new and existing trade members wishing to trade in currencies on their own behalf.

Membership fees for FTM have been set at $30,000 for new applicants.

However, if the existing `precious metals trade' members wish to apply for FTM, a reduced fee of $20,000 will be applicable.

(This article was published in the Business Line print edition dated April 19, 2006)
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