Tue 22-11-2005 07:28 AM
Mohammed bin Rashid launches DGCX
Dubai, 21 Nov. 05 (WAM) - General Sheikh Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and UAE Defence Minister has formally launched this evening the Dubai Gold and Commodities Exchange (DGCX).
Sheikh Mohammed pressed the trading button, launching the world's newest commodities exchange and the first such marketplace in the Middle East.
The DGCX will commence trading, November 22nd at 10am.
Sheikh Mohammed congratulated the DGCX officials and welcomed traders to the bourse.
Framroze Pochara, Chief Executive of DGCX said, "November 22 will be a momentous day for Dubai, the global commodities trading community and the wider business community. Tomorrow, the world's newest exchange and the Middle East's first electronic derivatives exchange will be trading." From day one, DGCX will offer an uninterrupted trading window of thirteen 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.
The first commodities derivatives exchange in the heart of one of the busiest trading centre, Dubai will lead to increased economic activity, job creation and knowledge levels. This will open up career opportunities in one more exciting field - Commodities derivatives, both for persons who already have finance related experience as well as fresher's who are about to venture into the job market. DGCX believes in providing end-to-end solutions for the commodities markets - providing a regulated and secure exchange mechanism, providing a new line of business, imparting knowledge, educating the marketplace and thus contributing to the already vibrant economy of the region. The launch of the commodities exchange will be one more very good reason for international players to come and set-up shop in Dubai.
WAM/MAB 23 27 CCCCQQE