In a strategic decision that will greatly expand the trading horizon of Dubai Gold and Commodities Exchange (DGCX), the exchange today announced the appointment of Sempra Metals Limited (SML), a leading London-based trading and broking company, as a Broker Member of the Exchange.
The announcement not only underlines the growing interest of global commodities and finance houses in DGCX, but is also yet another example of the exchange’s commitment in providing investors with wider market access.
DGCX’s current portfolio includes the world‘s first Steel Rebar futures contract as well as the world’s only Indian Rupee futures contract. The much-awaited Plastics contracts are due to be launched in the coming months and will include the Middle East’s first deliverable futures contracts.
Sempra Metals Limited is authorized and regulated by the FSA and is a ring-dealing member of the London Metal Exchange, a founder member of the London Bullion Market Association (LBMA) and a member of the London Platinum and Palladium Market (LPPM).
Speaking on the key appointment, Malcolm Wall Morris, CEO of DGCX, said: “The appointment of Sempra Metals Ltd. as a Broker Member clearly demonstrates the rapid pace in which DGCX is growing and highlights the interest of the International community in the Dubai-based exchange. Sempra Metals Ltd., with its extensive customer network and strong market knowledge, will provide DGCX easy access to a growing international investor base.”
SML specializes in Non-Ferrous Metals, Precious Metals and Plastics, offering broking, market making and associated risk management solutions to its extensive customer network.
In addition, SML provides investors up-to-date web-based trading solutions and market information and research.
Further highlighting SML’s expertise in commodities futures trading, the Royal Bank of Scotland (LSE: RBS) and Sempra Energy (NYSE: SRE) announced on April 1, 2008, the completion of their transaction to form the commodities-marketing joint venture RBS Sempra Commodities, which includes Sempra Metals Limited.
Under this new joint venture, RBS Sempra Commodities LLP purchased Sempra Commodities and it is now a part of the Global Banking and Markets business of RBS.
