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Mexico mulls silver lining against currency crash
"Arbitrage opportunities" indeed!
* * *
Dubai Logs in to Gold Futures
Economic Times / The Times of India
Gurgaon, India
Friday, October 28, 2005
http://economictimes.indiatimes.com/articleshow/msid-1277833,curpg-
1.cms
MUMBAI -- Trading in commodity derivatives will soon be a reality in
the Middle-East. Dubai Gold and Commodities Exchange (DGCX) will go
online on November 21 with a futures contract in gold.
Some of the large banks in the Gulf are expected to trade in DGCX
gold contracts. Leading banks like National Bank of Dubai and
Standard Bank have taken DGCX memberships to hedge their market
risks.
Apart from financial institutions close to 250 other commodity
market participants have applied for DGCX memberships. Leading
brokerages like Supama International, Bin Sabt and Swiss Gold have
also taken DGCX memberships.
Initially trading in gold will be restricted to six forward months.
Silver contracts will be introduced in early '06. It also plans to
start derivative contracts in energy products like crude oil and
furnace oil.
DGCX is promoted by Multi Commodity Exchange, Financial Technolgies
(FT), and the Dubai government. It is an equal JV between India and
Dubai.
Framroze Pochara, chief executive, DGCX said, "The government of
Dubai has supported the project from the very beginning. Now the
exchange is expecting that at least 100 members will trade on the
first day."
Jignesh Shah, MD, MCX, which has been promoted by FT, said, "India
along with a few other countries from Asia have the potential to
corner a substantial portion of global derivatives trade in
commodities."
MCX, a promoter of DGCX, is already clocking close to around Rs
3,500 crore a day from futures trading in commodities like gold,
silver and crude oil.
With a list of products like gold, silver, marine freight, steel and
cotton, DGCX may in the days to come emerge as one of the leading
exchanges.
Location of DGCX gives it an unique advantage over other Asian
exchanges like MCX, NCDEX, TOCOM and Shanghai. DGCX enjoys a tax
holiday and is located in a free trade zone.
The exchange will operate for 13 hours without a break. This will
allow arbitrage opportunities with markets in Far East, Europe, and
the US.
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