Business | Markets
DGCX secures Singapore approval
Recognition allows exchange to offer city's traders direct access to its commodities portfolio.
- Gulf News Report
- Published: 23:33 January 26, 2008
Dubai: The Dubai Gold and Commodities Exchange (DGCX) yesterday announced that it had secured approval from the Monetary Authority of Singapore (MAS), making DGCX a Recognised Market Operator (RMO) in Asia's key trading hub.
With the approval, DGCX - the Middle East's first commodities derivatives market - could now offer Singapore-based market participants direct access to its growing portfolio of commodity and currency contracts.
Commenting on the approval, Ahmad Bin Sulayem, chairman of DGCX, said, "Not only will this approval create opportunities for market participants based in Singapore, but is a clear demonstration of our commitment to meet customer demand for wider marker access".
Highlighting the significance of the move, Malcolm Wall Morris, CEO of DGCX, said, "This development makes DGCX available to one of the most vibrant markets in South East Asia. In combination with our recent Memorandum of Understanding (MoU) with Bursa Malaysia it further emphasises our commitment to developing our markets in the Far East".
More from Markets
More from Business
Business Editor's choice
-
‘Wrong Way' Krugman
The source of our economic malfunction lies with government-mandated bank regulations
-
Greek exit could make Eurozone stronger
Departure will show limits of bailouts and allow remaining members to act much more like a unit
-
UAE upholds values of free trade
Recently released statistics confirm an established fact, namely that of the UAE embracing the free trade principle in general and imports in particular
