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Thu 12 May 2005 04:00 AM

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Dubai Commodities to float subsidiary

The Dubai Gold and Commodities Exchange (DGCX), expected to go live this year, will float a fully owned subsidiary to carry out the settlement of trades on the exchange.

The Dubai Gold and Commodities Exchange (DGCX), expected to go live this year, will float a fully owned subsidiary to carry out the settlement of trades on the exchange.

David Rutledge, CEO of the Dubai Metals and Commodities Centre (DMCC), said the new clearing house being established by DGCX will be adequately capitalised. “It will function as the buyer for sellers and seller for buyers on the exchange,” said Rutledge.

The DGCX, a joint venture between the Dubai Metals and Commodities Centre (DMCC), Multi Commodity Exchange of India (MCX) and Financial Technologies (India) (FTIL), is expected to be regulated by Emirates Securities and Commodities Authority (Esca), the regulatory body for the stock exchanges in the UAE Dubai Financial Market (DFM) and Abu Dhabi Securities Market.

The DMCC was established by the Dubai Government in 2003 to promote trading in commodities, and develop Dubai as a regional hub for commodities trading.

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