DGCX, the world’s newest online commodities derivatives exchange, commenced trading on November 22, 2005. It is the first international commodities derivatives market in the Middle East region and, therefore, the first in the critical time zone between the markets of Europe and the Far East. DGCX offers a range of commodities, with electronic trading accessible from anywhere in the world. DGCX offers and trades Gold, Silver and Currency futures, to be followed by options on Gold and Silver futures. A diversified range of commodities such as steel, marine fuel oil, freight rates and cotton will be introduced for trading as exchange progresses further.
DGCX is a joint venture between the Dubai Multi Commodities Centre (DMCC) – Government of Dubai, Financial Technologies (India) Limited and Multi Commodity Exchange of India Limited (MCX). The Management of DGCX comprises senior personnel from commodities, securities & financial services industry.
DGCX is a technology driven, non-mutual organization committed to providing a world-class trading platform for a wide array of commodities and to implementing the best global practices, with the highest level of transparency.
The Dubai Mercantile Exchange Limited (DME), a joint venture between the New York Mercantile Exchange, Inc. (NYMEX) and Tatweer, a member of Dubai Holding, aims to be the premier energy and commodity futures exchange in the Middle East. The Exchange will initially trade an Oman Crude Oil futures contract, Oman/Brent spread and Oman/WTI spread, to be followed by Jet Fuel and other energy and commodity products in 2007. The DME will be a fully electronic exchange located within the Dubai International Financial Centre (DIFC) and regulated by the Dubai Financial Services Authority (DFSA). All trades executed on the DME's trading system, DME Direct will be cleared through, and guaranteed by, NYMEX’s AA+ rated clearinghouse.
The InformationXchange presentation will include: an overview of the Dubai Mercantile Exchange; Asia and the Middle East – energy interdependence; imbalance in world crude pricing; OTC Market concerns; benefits of sour crude oil futures contract; and membership structure.
Framroze Pochara, Chief Executive Officer, Dubai Gold and Commodities Exchange
Gary King, Chief Executive Officer, Dubai Mercantile Exchange