Dubai Exchange Completes Membership Structure

The Dubai Gold and Commodities Exchange (DGCX) said today (Sunday) it has completed its membership structure and is calling on interested commodities traders and brokers to apply.

The DGCX, which is due to be operating by the second half of this year, has already received strong interest from the market, particularly the local gold trade, since the initial joint venture announcement just two months ago.

Ahmed bin Sulayem, the DMCC's Chief Operating Officer, said: “The market’s enthusiastic reception, which exceeded our projections, proves that Dubai is poised to become a major market player, both regionally and on the international commodities trading map. DGCX will provide an advanced electronic infrastructure and an organized and monitored environment, where contracts in precious metals, energy, steel, freight and cotton can be initiated and executed.”

The membership structure for DGCX is divided into a general membership and a market membership. Membership in both categories will be limited, and members will face tough application requirements.

General members will be able to trade on any of the DGCX's markets as a principal or on behalf of clients. They can transfer their membership to a party subject to the approval of the Exchange, and are also able to apply for clearing membership to clear either their own business or a client's business.

Market members, however, will only be able trade on those DGCX markets as defined in their membership class, for example in precious metals and energy. In addition, they will not be able to trade on their own behalf or for their clients.