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Thursday, May 12, 2005

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UAE securities body to control Dubai gold bourse

Our Bureau

Mumbai , May 11

DUBAI Gold and Commodities Exchange (DGCX) on Wednesday announced that the Securities and Commodities Authority (SCA) of UAE would regulate Dubai's new electronic commodity derivatives exchange.

DGCX will be incorporated under the Dubai Metals & Commodities Centre Free Zone Authority.

DGCX is a joint venture between the Dubai Metals and Commodities Centre (DMCC) and Multi Commodity Exchange of India Limited (MCX) and Financial Technologies India Ltd (FTIL).

DGCX is expected to commence operations before the end of 2005.

The exchange would initially list futures contracts in gold, to be followed by gold options, and futures and options on silver. Plans to introduce products based on fuel oil, steel, and freight rates in 2006 are underway.

"We have received a very strong response from the precious metals, energy and steel sectors, and are very confident of a successful launch later this year," said Mr Jignesh Shah, Managing Director of MCX.

DMCC Acting Chief Executive and DGCX Director, Dr David Rutledge, said, "As a member of the International Organization of Securities Commissions, SCA is well positioned to regulate DGCX and offers the stability and credibility that will assist us to attract members from around the world."

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