Dubai Gold and Commodities Exchange (DGCX) has secured approval from the Monetary Authority of Singapore (MAS) making DGCX a Recognised Market Operator (RMO) in Asia’s key trading hub.

This will strengthen DGCX’s position as a global market for commodities derivatives, said an official spokesman.

With the approval, DGCX, the Middle East’s first commodities derivatives market, may now offer Singapore-based market participants direct access to its growing portfolio of commodity and currency contracts.

“Not only will this approval create opportunities for market participants based in Singapore, but is a clear demonstration of our commitment to meet customer demand for wider marker access,” said chairman, DGCX, Ahmed Bin Sulayem.

“This development makes DGCX available to one of the most vibrant markets in South East Asia. In combination with our recent Memorandum of Understanding (MOU) with Bursa Malaysia it further emphasises our commitment to developing our markets in the Far East,” said CEO, DGCX, Malcolm Wall Morris. – TradeArabia News Service