DFM enables DGCX brokerage firms to provide derivatives trading and clearing services

DFM enables DGCX brokerage firms to provide derivatives trading and clearing services

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

DGCX’s brokerage companies can acquire a range of DFM derivatives membership licences.— AFP file photo

By Staff Report Published: Mon 15 Aug 2022, 6:10 PM Last updated: Mon 15 Aug 2022, 6:11 PM

Dubai Financial Market (DFM) on Monday 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 finalise 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