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The Dubai Gold and Commodities Exchange (DGCX) has signed a five-year agreement with FinMet Pte Ltd to introduce new gold products to its current range of precious metals products.
As part of the agreement, precious metals technology, trading, training and logistics provider FinMet will review the physical bullion market with DGCX to identify opportunities in the global market, the WAM report said.
FinMet will support DGCX in presenting the product mix to banks and newcomers who are looking for product diversity to meet their business needs.
increase awareness
In addition to coordinating product launches, FinMet will help educate market participants and increase awareness of the new DGCX gold trading product that will be launched next month. DGCX plans to launch new physical gold futures and spot gold contracts to expand its existing product offering.
The launch of these gold trading products will allow traders to access short-term funds while banks use gold as collateral. This allows banks to lend with confidence, while the DGCX Clearing House acts as the central counterparty for all transactions.
The agreement was signed by DGCX CEO Ahmed Bin Sulayem and FinMet co-founder and managing director Pramod Mohan.
broader strategy
Commenting on the agreement, Bin Sulayem said: “This is part of our broader strategy to innovate new products with market players from all over the world. We believe that the deep knowledge and expertise provided by FinMet will enable DGCX to have an Have an in-depth understanding and are ready to add incredible value to the bullion market with the launch of our upcoming physical gold futures and spot gold contracts. Through this collaboration, we can look forward to creating new opportunities to foray even stronger A global market that offers traders huge potential and liquidity.”
Mohan said: “We are delighted to be a catalyst for the development of the UAE’s gold market, which has really impacted institutional and corporate players. This contract addresses the growing demand for pricing, hedging and liquidity in UAE gold delivery bars. With the recently signed UAE-India Comprehensive Economic Partnership Agreement (CEPA), DGCX can now play a role in facilitating a smooth acceleration in trade volumes between the two countries.”
DGCX’s partnership with FinMet will facilitate the launch of new gold products and will support their goal of providing traders from around the world with trading in a wide range of innovative derivatives that support their business needs. — arab trade news agency
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