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DGCX gets good response in exchange membership

DGCX has been accepting applications for Broker Membership and Precious Metals Trade Membership and applications for first tranche membership closed on August 10, 2005. Broker Membership entitles the holder to trade in all of DGCX's markets as principal and on behalf of clients. Trade Membership entitles the holder to trade as principal in a designated group of DGCX markets.

DGCX is a joint venture between Dubai Metals and Commodities Centre (an Authority of the Government of Dubai, Multi Commodity Exchange of India and Financial Technologies (India) Ltd. DGCX will commence trading in November this year, first with gold futures, then silver futures and gold and silver options. These will be followed during 2006 and 2007 by a range of futures and options products in steel, fuel oil, freight rates, cotton and other commodities.

Framroze Pochara, DGCX's chief executive, said: This is an overwhelmingly positive response from the marketplace and vindicates the business model that DGCX has developed .We have seen exceptionally strong interest from the UAE together with considerable interest from elsewhere. ’’

He concluded saying that, “Applicants have included leading banks, both international and regional, bullion dealers and brokers. Based on this response we are very confident of having a large, broadly based and geographically diverse market when we go live in November.’’

DGCX will trade seven days a week with trading hours extending from 10 am to 11 pm to overlap with trading hours in US, Europe and the Far East. DGCX members will be able to connect to the DGCX trading system from anywhere in the world. The orders placed by members on the exchange will be routed to a central order book with automatic order matching algorithm.