Dubai Government Announces International Gold and Commodity Exchange; DMCC joins forces with Multi Commodity Exchange of India Ltd & Financial Technologies - India - Ltd.DUBAI -- The Dubai Metals and Commodities Centre (DMCC DMCC Dubai Multi Commodities Centre DMCC Data Management and Coordinating Center DMCC Data Management Coordinating Committee DMCC Diploma in the Medical Care of Catastrophes DMCC Division Movement Control Center DMCC Depot Maintenance Control Center ), Multi Commodity Exchange If you are looking for MCX connector, see here -- Multi Commodity Exchange (MCX) is an independent commodity exchange based in India. It was established in 2003 and is based in Mumbai. It has an average daily turnover of around US$1.55 billion . of India Ltd (MCX) and Financial Technologies (India) Limited (FTIL FTIL Financial Technologies India Ltd ) today announced the formation of the Dubai Gold and Commodity Exchange (DGCX), a new exchange, developed to facilitate the trade of gold and commodities. The announcement follows the signing of an official Memorandum of Understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. between the DMCC (a strategic Dubai Government initiative), MCX and FTIL to work together towards the creation of Dubai's newest exchange. Subject to receiving the necessary regulatory approvals the exchange will commence operations in the second half of 2005. The transactions on the DGCX will take place on a state-of the-art electronic trading platform which will be deployed by FTIL, in line with the system introduced for commodity exchange trading in India, and which has been successfully in operation since 2003. DMCC's Executive Director for the Gold and Precious Metals sector, Mr Colin Griffith, commented: "Appropriately for the "City of Gold" the first contract listed on the exchange will be gold, but that will be quickly followed by other contracts. As the exchange develops and gains in prominence, we expect a significant amount of trade in silver, steel, freight, cotton and energy contracts, so that we can achieve a balanced portfolio with futures and options contracts available for all listed commodities." Mr. Jignesh Shah, Managing Director, MCX and Chairman & Managing Director, FTIL said: "This landmark achievement unfolds the real potential of the Indian technology expertise and the domain knowledge of its human intellectual capital. FTIL will be deploying the complete technology solution platform, which will be further strengthened with the involvement from MCX, which will be contributing its functional know-how ensuring DGCX go-live is achieved as per our plans." The DMCC has been rolling out a number of new initiatives focussed on the trading of physical commodities, including the Dubai Commodity Receipt, the Dubai Tea Trading Centre and the Dubai Diamond Exchange, to enhance the current market infrastructure for the gold, commodities, and diamond sectors in Dubai and the greater region. The Multi-Commodity Exchange of India (MCX) is an independent and de-mutualised exchange with permanent recognition from Government of India The Government of India (Hindi: भारत सरकार [3]Bhārat Sarkār), officially referred to as the Union Government, and commonly as Central Government for facilitating online trading, clearing and settlement operations for commodity futures markets across the country. Key shareholders of MCX are Financial Technologies (India) Ltd., State Bank of India State Bank of India (SBI) (LSE: SBID) is the largest bank in India. If one measures by the number of branch offices and employees, SBI is the largest bank in the world. Established in 1806 as Bank of Bengal, it is the oldest commercial bank in the Indian Subcontinent. (India's largest commercial bank), Union Bank of India Union Bank of India (UBI) is one of India's largest state-run banks and is also listed on the Forbes 2000. It was inaugurated by Mahatma Gandhi. (in US $)
Note to Editors: About DMCC: The DMCC is a strategic Dubai Government initiative. It provides the market infrastructure that brings together a wide range of commodities activities, and is committed to serve the needs of participants in the gold, diamonds and commodities markets. Resident are offered highly attractive benefits under a free zone statues, including a 50-year guaranteed tax holiday, 100 percent ownership, full ownership of business premises, and secure regulated environment. About MCX: Multi Commodity Exchange of India Ltd, (MCX) an independent and de-mutualised multi commodity exchange, has permanent recognition from the Government of India. MCX, a state-of-the-art nationwide, digital exchange facilitates online trading, clearing and settlement operations for a commodities futures trading. Key shareholders of MCX are Financial Technologies (India) Ltd, State Bank of India, Union Bank of India, Bank of India, Corporation Bank & Canara Bank. Headquartered in Mumbai, MCX is led by an expert management team with deep domain knowledge of the commodity futures markets and has successfully established a thriving digital market for trading in Gold, Silver, Steel, Kapas, Cotton, Rubber, Black Pepper, Oil & Oil Seeds, Wheat and Rice, Ferrous and Non-Ferrous Metals One method of classifying metals is by their content, and one common division is into ferrous metals and non-ferrous metals. The term ferrous is derived from the Latin "Ferrum" which means "containing iron", thus ferrous metals contain iron and non ferrous metals do not. , Agri Commodities, Pulses and Soft commodities. About FTIL: Financial Technologies (India) Ltd. (FTIL) is India's leading technology enterprise delivering mission critical Straight-Through-Processing (STP STP or standard temperature and pressure, standard conditions for measurement of the properties of matter. The standard temperature is the freezing point of pure water, 0°C; or 273.15°K;. ) solutions for the global Financial Services Industry. FTIL is a Vertical Specialist and a domain expert with proven transaction automation solutions for Equity, Forex Forex See: Foreign exchange , Commodity and Derivatives market operations. This covers all the stages of a Trade Life Cycle: - Pre-Trade, Trade and Post-Trade operations. FTIL under a permanent recognition from Government of India has set-up a nationwide online multi commodity futures exchange - Multi Commodity Exchange of India Ltd., (MCX). FTIL has commissioned an inter-bank forex exchange trading platform FXDirect? under a formal mandate of Reserve Bank of India The Reserve Bank of India (RBI) is the central bank of India, and was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934. Since its inception, it has been headquartered in Mumbai. (Country's Central Bank) & Foreign Exchange Dealers Association of India (FEDAI FEDAI Foreign Exchange Dealers' Association of India ). FTIL is Global STP Partner with OMGEO. |
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