Dubai Gold and Commodities Exchange (DGCX), the region’s leading commodities derivatives market, has been approved as an Affiliate Member by the International Organization of Securities Commissions (IOSCO) at its 33rd annual conference held in Paris recently.
A high-level delegation led by Abdullah Al Turifi, CEO of Emirates Securities and Commodities Authority (SCA), which currently regulates the exchange, attended the conference, representing both the SCA and the Union of Arab Securities Authorities (UASA).
Speaking on the occasion, Mr Al Turifi said, “I am extremely delighted that DGCX has joined the Abu Dhabi Securities Exchange (ADX) and Dubai Financial Market (DFM), to become an Affiliate Member of IOSCO. This adds to the recent achievements of DGCX, coming just one day after the exchange successfully launched two crude oil futures contracts, namely West Texas Intermediate Light Sweet Crude (WTI) and Brent Crude Oil (Brent).”
Malcolm Wall Morris, Chief Executive Officer of DGCX, said, "We are very pleased to become part of the IOSCO membership base of more than 180 regulatory authorities and self-regulatory organizations world-wide. The SCA gave its unequivocal support to our application for IOSCO membership, and we are very satisfied that the approval arrived in the same week that we listed crude oil futures on the exchange.”
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During the conference, Mr. Al Turifi held talks with IOSCO Secretary-General Greg Tanzer on how to provide further technical support to both the UASA and the SCA. SCA, also the regulator of ADX and DFM, is keen to upgrade the financial markets in terms of legislation, laws and technical regulations in accordance with international standards.
IOSCO was founded more than two decades ago, in the year of 1983. Its member agencies have resolved to cooperate with each other to promote high standards of regulation, in order to maintain just, efficient and sound markets.
About DGCX: Dubai Gold and Commodities Exchange (DGCX) is a fully automated, online commodities exchange. Strategically located in Dubai, the exchange is the first international commodities derivatives marketplace in the time zone between Europe and the Far East. DGCX is a joint initiative of Dubai Multi Commodities Centre (DMCC), Financial Technologies (India) Limited (FTIL) and Multi Commodity Exchange of India Limited (MCX).
