Strengthening its position as a global market for commodities derivatives, Dubai Gold and Commodities Exchange (DGCX) today announced that it had secured approval from the Monetary Authority of Singapore (MAS), making DGCX a Recognized Market Operator (RMO) in Asia’s key trading hub.
With the approval, DGCX - the Middle East’s first commodities derivatives market may now offer Singapore-based market participants direct access to its growing portfolio of commodity and currency contracts.
Commenting on this approval, Ahmed Bin Sulayem, Chairman, 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, Chief Executive Officer (CEO), 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”.