Shanghai, December 8, 2014 –China Financial Futures Exchange(CFFEX) and Dubai Gold & Commodities Exchange (DGCX) today announced the signing of a Memorandum of Understanding (MoU) with each other.This is the first MoU that CFFEX has signed with a derivatives exchange in the Middle East.
This partnership will strengthen cooperation between the derivatives markets of China and the Middle East. The agreement is designed to facilitate closer cooperation in areas concerning risk management,business strategy, market surveillance and new product development.
Hu Zheng, Chief Executive Officer,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 theMoU with DGCX is in line with our strategy of globalization and lays a good foundation for our future cooperation. Wesincerely 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.”
Gaurang Desai, Interim Chief Executive Officer of DGCX, said:“We are pleased to have signed this MoU with CFFEX.The MoU will enable us to work together towardsour 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.”
At present, investment and trade flows between China and the UAE are constantly growing. According to a recent report, China is expected to be one of the UAE's fastest growing trade partners over the next twenty years as bilateral trading volume has been growing at 10 percent per annum. Against this backdrop, financial cooperation between the two nations is also being strenthened, and the signing of this MoU between CFFEX and DGCX helps pave the road for further financial cooperation.
Established in 2005, DGCX is the region’s first derivatives exchange and the only one allowing participants to clear and settle transactions within the Gulf region. The Exchange has played a pioneering role in developing the regional market for derivatives. DGCX is majority owned by Dubai MultiCommodities Centre (DMCC), a strategic initiative of the Government of Dubai, with a mandate to enhance commodity trade flows through the Emirate by providing the appropriate physical, market, financial infrastructure and services required.It is an electronic commodity and currency derivatives exchange with 267 members from across the globe, offering futures and options contracts covering the precious metals, energy and currency sectors. For more information:www.dgcx.ae.