The Dubai Financial Services Authority (DFSA) announced today that ICE Futures has been granted the status of Recognised Body within the Dubai International Financial Centre (DIFC).
David Knott, Chief Executive of the DFSA, said:
“This recognition will enable ICE Futures to provide direct electronic access to its commodity futures market in the United Kingdom by authorised members operating within the DIFC. In granting recognition, the DFSA has taken account of the high standards of regulation to which ICE Futures is subject in the United Kingdom. DFSA is pleased to facilitate trading between the DIFC and other well regulated jurisdictions.”
The Dubai Financial Services Authority (DFSA) is a central component of the Dubai International Financial Centre (DIFC), a new financial centre established to position Dubai as a recognised hub for institutional finance, and the regional gateway for capital and investment to the Middle East.
The DFSA is an independent, integrated regulatory authority responsible for the regulation of all financial and ancillary services conducted in or from the Centre, including asset management, banking, securities trading, Islamic finance, re-insurance, and an international financial exchange. The DFSA has been created using principle-based primary legislation modelled closely on that used in London and New York, and the DFSA regulatory regime operates to standards that meet or exceed those applying in the world's major financial centres.
Mr. David Knott was appointed Chief Executive of the DFSA on May 21, 2005. He is a former Chairman of the Australian Securities and Investment Commission and was Chairman of the Technical Committee of the International Organisation of Securities Commissions (IOSCO).
ICE Futures (formerly known as the International Petroleum Exchange) operates an electronic marketplace for trading commodities, more particularly crude oil.
ICE Futures is a Recognised Investment Exchange in the UK, supervised by the Financial Services Authority under the terms of the Financial Services and Markets Act 2000.
