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Dubai Financial Market (DFM) announced today that it has received approval from the Securities and Commodities Authority (SCA) to allow Dubai Gold and Commodities Exchange (DGCX) licensed brokerage firms to become DFM derivatives members and offer services for the first time in the market.
Currently, around 21 DGCX brokers are licensed by the SCA, an important move that caters to these companies’ growing demand for access to DFM. A report by the Wam news agency said the market has received some inquiries or interests that are being studied in order to finalize the license.
Hamed Ali, CEO of DFM and Nasdaq Dubai, welcomes SCA Chairman’s Decision No. (15/RM) of 2022 on the rules for DGCX brokerage to seek DFM Derivatives membership as an example of SCA’s ongoing collaboration , which helps complete this unprecedented move to provide DGCX members with direct and seamless access to the DFM, providing their clients with new trading opportunities.
As determined by the SCA, DGCX brokerage firms can obtain a range of DFM Derivatives Member licenses under their DGCX license, including: Trading Brokers, Trading and Clearing Brokers or Trading and General Clearing Brokers.
“Dubai has a comprehensive ecosystem of financial and commodities markets, and we are committed to further strengthening its integration by simplifying access to DFM’s many opportunities for market participants and strengthening its position as a leading regional market offering multiple asset classes such as equities One of the status, ETFs, stock futures, crude oil futures, etc. to meet the growing demand of DFM’s diversified local and international investor base,” said Hamed Ali.
“For example, DFM recently launched Oman crude oil futures contracts in partnership with the Dubai Mercantile Exchange and is rapidly expanding its futures market. Additionally, we plan to further develop this segment by launching new products on other asset classes” Ha Mead Ali added.
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