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Thu 20 Aug 2015 02:05 PM

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Dubai Gold and Commodities Exchange appoints new CEO

Gaurang Desai, who was one of the original team that set up DGCX in 2005, gets top job at exchange

Dubai Gold and Commodities Exchange appoints new CEO

One of the founding staff members of the Dubai Gold and Commodities Exchange (DGCX) has been appointed as its new CEO.

Gaurang Desai, one of the original team that set up DGCX in 2005, is ideally positioned to take the Exchange to its next stage of development, a statement said.

Gautam Sashittal, Dubai Multi Commodities Centre CEO and DGCX director, said: "We are delighted to appoint a key member of the DGCX team to this vital position, providing the company with the confidence that comes with continuity and ensuring DGCX continues the excellent delivery of pioneering products, platforms and services it has become known for."

Gaurang was previously chief operating officer of DGCX, before being appointed as acting CEO in August 2014.

Established in 2005, DGCX is the region's first derivatives exchange and the only one allowing participants to clear and settle transactions within the Gulf region.

DGCX is majority owned by Dubai Multi Commodities Centre, a strategic initiative of the Government of Dubai, with a mandate to enhance commodity trade flows through the emirate.

It is an electronic commodity and currency derivatives exchange with 267 members from across the globe, offering futures and options contracts covering the precious metals, energy and currency sectors.