DMCC purchases 1 pc stake in DGCX for USD 12.5 mn

Mumbai, Apr 3 (UNI) The Dubai Multi Commodities Centre (DMCC) has purchased a one per cent stake in the Dubai Gold and Commodities Exchange (DGCX) from the Financial Technologies Group (FT Group) for USD 12.5 million.

This was informed by Financial Technologies to the Bombay Stock Exchange today.

Following the one per cent sale by FT Group, DMCC now holds 51 per cent and FT Group holds 49 per cent in DGCX.

''To date, DGCX has proved to be a successful venture and DMCC, as a Government of Dubai Authority with extensive relationships with the commodity sector in the region is the appropriate venture partner to hold the majority interest in DGCX. The FT Group remains fully committed to ensuring that DGCX achieves its potential role amongst the world's leading commodity exchanges,'' Founder and CEO of FT Group Jignesh Shah said in a release here.

DGCX is an electronic futures and options exchange which utilizes trading, clearing and settlement technology developed by FT Group.

DGCX presently lists futures contracts in gold, silver, currencies and fuel oil. It has recently announced the launch of futures contracts in steel and options contracts on gold. It has also foreshadowed the future listing of various agricultural, metal and energy products, Mr Shah added.

UNI