DUBAI, Aug 29, 2022 (WAM) — The Dubai Gold and Commodities Exchange (DGCX) has signed an agreement with FinMet Pte Ltd to introduce new gold products to its current suite of precious metals products.
FinMet, a provider of precious metals technology, trading, training and logistics, will work with DGCX to explore the physical bullion market and identify opportunities across global markets as part of the deal. FinMet supports DGCX to present product structures to onboard banks and new members seeking product diversity to suit their business needs.
In addition to coordinating product launches, FinMet will help educate market participants and increase awareness of the new DGCX gold trading product launching next month. DGCX plans to launch new physical gold futures and physical gold contracts, expanding its existing product offerings.
The introduction of these gold trading products gives traders access to short-term capital and banks receive gold as collateral. This allows banks to lend with confidence and the DGCX Clearing House acts as the central counterparty for all transactions.
The five-year deal was signed by DGCX CEO Ahmed Bin Sulayem and FinMet co-founder and managing director Pramod Mohan.
Bin Sulayem said of the agreement: Through the launch of physical gold futures and physical gold futures trading, DGCX is poised to add a deep understanding and incredible value to the gold bullion market, a global market that offers traders enormous potential and liquidity. is. ”
“At FinMet, we are excited to catalyze the development of a truly needle-moving UAE bullion market for institutional and corporate participants,” said Mohan. Bar: The recent signing of the Comprehensive Economic Partnership Agreement (CEPA) between the United Arab Emirates and India has enabled DGCX to play a role in facilitating a smooth acceleration of trade volumes between the two countries. ”
The partnership between DGCX and FinMet will help launch new gold products and support the company’s goal of providing traders worldwide to trade a wide range of innovative derivative products that support their business requirements.