Dubai Gold and Commodities Exchange (DGCX) and the Malaysian exchange, Bursa Malaysia Berhad, today signed a Memorandum of Understanding (MOU) to establish cooperative ties aimed at developing the derivatives markets in Malaysia and the UAE.
With the MOU, DGCX and Bursa Malaysia will have a platform to share knowledge and explore potential strategic product development initiatives, which will mutually benefit the capital markets of the two countries.
Stressing on the significance of the tie-up, Ahmed Bin Sulayem, Chairman of DGCX, said, “The agreement between DGCX and Bursa Malaysia allows us to explore untapped opportunities between the two regions with respect to new and existing products. The MOU with Bursa Malaysia is in-line with our strategy of building cooperative relationships with the world’s leading exchanges.”
Speaking at the signing ceremony in Dubai, Bursa Malaysia’s Head of Global Markets, Raghbir Singh Bhart, said, “This MOU provides a platform for both parties to develop our strengths and product offerings in respect to palm oil, gold, crude oil, plastics and such other commodities. This cross-sharing of expertise would be mutually advantageous as Bursa Malaysia is a global marketplace for futures trading and DGCX is the premier Exchange in the Middle East.”
Commenting on the benefits to market participants, Malcolm Wall Morris, Chief Executive Officer of DGCX, said, “The alliance with Bursa Malaysia will enable DGCX to further strengthen its position as a regional pioneer in commodity derivatives trading, allowing us to provide market participants new investment and price risk management opportunities.”