Online brokerage FXCM Group and the Dubai Gold and Commodities Exchange (DGCX) have signed a memorandum of understanding. The duo agreed on a framework that precedes the launch of new FX products on the DGCX. The parties will be collaborating to add the new trading instruments in the coming months.
The CEO of DGCX, Les Male explained that the document precedes new contracts that are not only appealing to the exchange’s international participants but also local banks and trading houses.
“This MOU with FXCM is the first step in developing ever more pioneering contracts contributing to the DGCX’s Global offerings allowing us to cross-pollinate each other’s diverse client base,” Les Male said.
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The agreement was signed by DGCX and FXCM at the London headquarters of the brokerage at the beginning of December. The Dubai-based exchange is the region’s leading derivative exchange with over 175 members and offering FX majors and EMFX futures contracts.
FXCM in the Middle East
The partnership between FXCM Group and DGCX will open new doors for the brokerage in the Middle East, the Managing Director of FXCM Group, Mario Sanchez-Wandemberg, believes.
“Working alongside Dubai’s first commodity derivatives exchange, we know that we can create new innovative product offerings and are enthusiastic on the many possibilities. We look forward to sharing them with the market in the future,” Sanchez-Wandemberg said.
The Middle East is becoming a focal point for a number of brokers lately. The introduction of the new regulations in Europe has led to more companies looking for ways to do business in Dubai. The local regulatory license has a high value over the past several months.