The story of a non-resident Bangladeshi family establishing and running the famed perfume company Al Haramain and its successful subsidiaries
Dubai Financial Market (DFM) on Monday announced that it has obtained the approval of the Securities and Commodities Authority (SCA) to allow the Dubai Gold and Commodities Exchange (DGCX) licensed brokerage firms to become DFM derivatives members and to provide their services in the market for the first time.
Currently, there are approximately 21 DGCX brokers licensed by SCA and this significant step caters to the growing demand from these companies to access the DFM. The market has received a number of inquiries or interests, which are under study in order to finalise licensing.
Hamed Ali, CEO of DFM and Nasdaq Dubai, welcomed SCA’s chairman decision No. (15/R.M) of 2022, pertaining to rules of DGCX brokerage firms seeking a DFM derivatives membership, as an example of SCA’s continuous cooperation, which facilitated the accomplishment of this unprecedented step that enables DGCX members direct and seamless access to the DFM, hence offering new trading opportunities to their clients.
According to the SCA’s decision, DGCX’s brokerage companies can acquire a range of DFM derivatives membership licences, including: trading brokerage, trading and clearing brokerage or trading and general clearing brokerage, in line with their DGCX licence.
“Dubai enjoys a comprehensive ecosystem of financial and commodities markets, and we are committed to further strengthen its integration by streamlining market participants’ access to DFM’s numerous opportunities and reinforce its status as one of the leading regional markets providing multiple asset classes such as; equities, ETFs, equities’ futures, crude oil futures, etc. to meet the growing demand from DFM’s diversified base of local and international investors,” Hamed Ali said.
“For instance, the DFM recently launched trading of Oman crude oil futures contracts in collaboration with the Dubai Mercantile Exchange and is rapidly expanding its futures’ market. Furthermore, we are planning to grow this market segment further by introducing new products on other asset classes,” Hamed Ali added.
– business@khaleejtimes.com
The story of a non-resident Bangladeshi family establishing and running the famed perfume company Al Haramain and its successful subsidiaries
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