Futures Industry Association (FIA) Asia held its second annual derivatives conference in Dubai on March 18th. The event held in collaboration with Dubai Gold and Commodities Exchange (DGCX) and Dubai Commodities Clearing Corporation (DCCC), was attended by more than 200 market participants, which included representatives from global exchanges, broker members and traders from all over the world.
The event brought together global players from the derivatives industry to participate in interactive session and discussions on the future of derivative exchanges amidst the current macro- environmental trends and changing regulatory landscape.
Her Excellency Maryam Buti Al Suwaidi, Deputy Chief Executive Officer for Licensing, Supervision & Enforcement at Security and Commodities Authority (SCA), a key speaker at the event, stressed on the role of CCPs ( Central Counter Parties) in the current challenging regulatory landscape. She mentioned that SCA recently approved updated regulations for CCPs under its supervision which encompasses the necessary requirements of the Technical Standards of EMIR (European Market Infrastructure Regulation) and core Principles of the IOSCO Committee for Payment and Financial Market Infrastructure (PFMI).
Her Excellency Al Suwaidi also stated that these measures will go a long way to make UAE CCPs more robust and competitive. It will also provide the necessary regulatory comfort to entities in Asia and across the world that wish to conduct on-exchange business in the UAE.
Ahmed Bin Sulayem, Executive Chairman of DMCC, and a keynote speaker at the conference, emphasized on Dubai’s role globally as a major trade facilitator, with its non-oil foreign trade growing significantly in the last couple of years to touch AED 1.3 trillion. He also said that the government is working towards developing and implementing more stringent policies and regulations and a strong infrastructure across a number of sectors which will not only provide global players with great business opportunities in the market but also offer them a conducive and well regulated environment to operate in.
Gaurang Desai, Interim CEO of DGCX, said: “We are happy that the FIA Asia conference created the collaborative platform for exchange of insights and dialogue between global players in the derivatives industry. The key take-away from the event is that although derivatives markets are experiencing huge volatility in recent times, exchange traded derivatives or products allow market participants to take positions and effectively hedge against volatile price risks. Derivatives exchanges across the world have exciting opportunities in this environment.”
Panel session 2
With synchronized efforts from SCA, DMCCA, DGCX and DCCC, our endeavor is to create a safe, solid and secure derivative markets within the UAE for regional and global outreach,” Gaurang concluded.
