China Financial Futures Exchange (CFFEX) and Dubai Gold & Commodities Exchange (DGCX) announced today the signing of a Memorandum of Understanding (MoU) with each other. This is the first such agreement that the Shanghai venue has signed with a derivatives exchange in the Middle East.
This partnership is meant to strengthen the cooperation between the derivatives markets of China and the Middle East, according to the announcement. The agreement is designed to facilitate closer cooperation in areas concerning risk management, business strategy, market surveillance and new product development.
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Hu Zheng, CEO of CFFEX said: “As a leading derivatives exchange in the Middle East, DGCX has a great portfolio of products and is highly influential across regional financial markets. The signing of the MoU with DGCX is in line with our strategy of globalization and lays a good foundation for our future cooperation. We sincerely hope that the two exchanges will strengthen cooperation in various areas including information sharing, personnel training and business development. This will greatly benefit both exchanges and help us achieve a win-win outcome and common prosperity.”
At present, investment and trade flows between China and the United Arab Emirates (UAE) are constantly growing. China is also expected to be one of the UAE’s fastest growing trade partners over the next 20 years as bilateral trading volume has been growing at 10% per year. Against this backdrop, financial cooperation between the two countries is also being strengthened, and the parties involved say that signing of this MoU between CFFEX and DGCX helps pave the road for further financial cooperation.
Gaurang Desai, interim CEO of DGCX, commented: “We are pleased to have signed this MoU with CFFEX. The MoU will enable us to work together towards our mutual interests, enhance business opportunities, extend global reach and will gradually result in benefits for our customer base. Through this association, both markets will be able to leverage knowledge and expertise to support pioneering ideas and further development in financial derivatives trading.”