Gold Market participants to benefit from discussions between DMCC and DRXPress Release05 Jan 2004 01:27 pm
The Dubai Metals and Commodities Centre (DMCC) and the Dubai International Financial Centre's (DIFC) exchange, the Dubai Regional Exchange (DRX) have begun discussions with a view to establishing closer co-operation in the gold and commodities markets.
The DMCC and DRX are discussing the potential synergies of using the DRX's trading, clearing and settlement mechanisms for DMCC commodities and derivatives on those commodities that would trade on DRX. The collaboration between the two organizations could benefit market participants by increasing efficiency and market transparency and reducing trading costs, further enhancing Dubai's status as an international hub for commodities and financial services. Meetings have taken place between senior representatives of both organisations: Colin Griffith, DMCC Executive Director Gold & Precious Metals, David Rutledge, DMCC Executive Director Commodities and Steffen Schubert, Chief Operating Officer DRX; along with David King, Managing Director Supervision at the Dubai Financial Services Authority (DFSA).
The DFSA will be the authority responsible for regulating the resultant co-operative activities.
Colin Griffith said: "These meetings are a very positive development, and our co-operation will ensure that participants in the market will benefit greatly through increased convenience and lower costs."