Dubai Gold & Commodities Exchange (DGCX) said it has joined forces with top global trading technology provider, Cinnober Financial Technology to enhance its trading and clearing platform.

Sweden-based Cinnober is a major global supplier of mission-critical solutions and services within trading, clearing and surveillance to leading trading and clearing venues.

As per the deal, Cinnober will provide a new exchange infrastructure for DGCX that promises to significantly enhance the exchange’s derivatives trading marketplace.

The exchange infrastructure is scheduled to go live in December following a phased implementation.

Cinnober’s latest technology will significantly benefit DGCX’s growing Member community by providing superior transaction speed, efficient means to access liquidity, and increased reliability and scalability that support their increasingly sophisticated trading and clearing requirements.

The new platform will also provide members with a cutting-edge trading interface and key functionalities. Members of both the exchange and clearing house will be able to monitor risk in real time.

Commenting on the tieup, chairman Ahmed Bin Sulayem said this represents a major milestone in the development of the DGCX trading and clearing platform.

'The new system will give DGCX the very latest, innovative technology that will support our plans to create the region’s most advanced derivatives marketplace and increase the portfolio of products for our members,' he stated.

DGCX CEO Gary Anderson said the advanced new platform will support the requirements of new DGCX products, such as the recently announced Copper Futures, the increasing global participation of high frequency traders (HFTs) whilst also attracting both regional and global overseas liquidity pools to compete on a global stage.

'The upgrade will also facilitate world-class risk-management, surveillance and clearing capabilities and provide the necessary implied spreads facility, together with the processing capacity needed to manage the growing volumes expected from HFTs,' he added.

According to him, the DGCX’s new technology infrastructure will be tailored to support member requirements.

Javier Tordable, the CEO of Cinnober, said: “DGCX has ambitious growth plans in the coming years and we are confident that our TRADExpress platform will support the expected volume growth and the launch of new and innovative products.'

'Our partnership will ensure the DGCX continues to play a leading role in the development of the regional derivatives market,' he added.-TradeArabia News Service