Staff Report
Dubai: The Dubai Gold and Commodities Exchange (DGCX) and its unit, Dubai Commodities Clearing Corporation (DCCC) has been recognised as a remote exchange and clearing house by the regulatory authority for the Abu Dhabi Global Market (ADGM), enabling ADGM companies to access its trading and clearing platforms.
The recognition status takes effect immediately and enables financial institutions domiciled in the ADGM and licensed by the FSRA to become members of the DGCX, the region’s diversified derivatives exchange and clear through its globally recognised Clearing House, DCCC.
At present, Aarna Capital Limited, an ADGM domiciled brokerage house, is being on-boarded as the first member of DGCX and DCCC under the new status.
“We are delighted about being the first Exchange and Clearing House to be granted remote recognition status by FSRA. The FSRA accreditation will enable us to offer the full range of our listed derivatives products in all asset classes to the burgeoning ADGM community. This recognition will support us in expanding our membership base and further bolsters our liquidity pool while bringing in more diverse participants to the DGCX marketplace. We also welcome Aarna Capital Limited to the DGCX family and look forward to extending our network of regional and global partnerships through institutions based within the ADGM,” Gaurang Desai, chief executive officer of DGCX said in a statement.
Richard Teng, Chief Executive Officer of the Financial Services Regulatory Authority of ADGM, said: “As an international financial centre, ADGM will continue to actively advocate and maintain a well-regulated, dynamic and conductive environment that attracts and supports both local and global institutions in their growth aspirations and business needs.”
Financial institutions domiciled in ADGM and licensed by FSRA interested in applying for a DGCX membership must be licensed to carry out Futures and Options activities by the FSRA.
