DFM enables DGCX brokerage companies to provide derivatives trading and clearing services for the first time

DFM enables DGCX brokerage companies to provide derivatives trading and clearing services for the first time

- Hamed Ali: "A leading initiative as part of efforts to strengthen integration of Dubai’s financial and commodities markets’ ecosystem and unlock DFM’s numerous opportunities”

- Growing demand from DGCX brokers to provide their services in the DFM

Dubai: Dubai Financial Market (DFM) today announced that it has obtained the approval of the Securities and Commodities Authority (SCA) to allow the Dubai Gold and Commodities Exchange (DGCX) licensed brokerage firms to become DFM derivatives members and to provide their services in the market for the first time.

Currently, there are approximately 21 DGCX brokers licensed by SCA and this significant step caters to the growing demand from these companies to access the DFM. The market has received a number of inquiries or interests, which are under study in order to finalize licensing.

Hamed Ali, CEO of DFM and Nasdaq Dubai welcomed SCA’s Chairman Decision No. (15/R.M) of 2022, pertaining to rules of DGCX brokerage firms seeking a DFM derivatives membership, as an example of SCA’s continuous cooperation, which facilitated the accomplishment of this unprecedented step that enables DGCX members direct and seamless access to the DFM, hence offering new trading opportunities to their clients.

According to the SCA’s decision, DGCX’s brokerage companies can acquire a