Financial Technologies sells 1% in DGCX to DMCC for .5mln

New Delhi, Apr 3 (UNI) Financial Technologies India Ltd today said it has sold its one per cent stake in the Dubai Gold and Commodities Exchange (DGCX) to Dubai Multi Commodities Centre (DMCC) for 12.5 million dollars.

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

''To date, DGCX has proven 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,'' FT Group Founder CEO Jignesh Shah said.

FT Group remains fully committed to ensuring that DGCX achieves its potential role amongst the world's leading commodity exchanges, he added.

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

It presently lists futures contracts in gold, silver, currencies and fuel oil. It has recently announced the imminent launch of futures contracts in steel, and options contracts on gold.

Dr David Rutledge, Chief Executive Officer of DMCC said, ''DMCC has a productive relationship with FT Group and we look forward to working with them to fully exploit the full potential of the exchange. The FT Group technology, as the 'engine room' of DGCX, has been a cornerstone of its success to date and will continue to underpin its future growth.'' Financial Technologies a software product enterprise focused on developing Straight-Through-Processing (STP) solutions, has promoted Multi Commodity Exchange (MCX) and DGCX. Its other key exchange ventures to be launched include National Spot Exchange (NSEL), Safal National Exchange (SNX) and Global Board of Trade (GBOT), Mauritius.

UNI