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JRG commences mock trading of Dubai bourse's gold futures

Our Bureau

Kochi , Oct. 20

JRG Wealth Management Ltd has commenced mock online trading of gold futures on the Dubai Gold and Commodity Exchange (DGCX).

The company is confident that both its infrastructure and regulatory framework will be in a position to commence online trading when the trading goes live in DGCX in November.

Prior to the commencement of mock trading, JRG had obtained in-principle approval for its membership in DGCX. The company is soon to open a trading facility in Abu Dhabi as well.

Mr Giby Mathew, Managing Director of JRG, said: "JRG will upgrade its office in Dubai and both domestic Indians and NRIs will be able to commence trading in commodity futures through DGCX. The commencement of mock trading has been a major milestone for the company."

Currently, any Indian citizen can invest in international markets up to $25,000, and a four-member family can invest up $1,00,000. A parcel size of $1,00,000 is by no means a small amount even by international standards, Mr Mathew said.

The driving force for Indian companies to take membership in DGCX is not just the close proximity and large NRI population in the Gulf, but also the relatively low membership charges compared to other international exchanges.

"This will greatly help all kinds of investors in India and abroad to enter the international commodity markets through JRG and benefit from our expertise," Mr Mathew said.

The Chairman of JRG Wealth Management Ltd, Mr Regi Jacob, had met the CEO of DGCX, Mr Framroze Pochara, in Dubai, who said that the 40,000-client base as well as JRG's experience and expertise in commodity futures trading will help enhance and spread commodity trading in the UAE.

DGCX is a joint venture between the Dubai Metals and Commodities Centre, the Government of Dubai, Financial Technologies India Ltd, and the Multi Commodity Exchange of India Ltd.

The exchange is slated to commence trading in gold futures by end of November, and later in silver, followed by steel, cotton, and fuel oil futures.

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