SEATTLE (Scrap Monster): The Dubai Gold & Commodities Exchange (DGCX) has signed a Memorandum of Understanding (MoU) with Victoria Falls Stock Exchange (VFEX)- a subsidiary of the Zimbabwe Stock Exchange (ZSE). The deal aims to strengthen bilateral cooperation and exchange of knowledge in connection with commodities trading. The one-year agreement was signed between Les Male, CEO of DGCX and Justin Bgoni, CEO of VFEX.
In accordance with the agreement, DGCX will cooperate in establishing an international commodities exchange in Zimbabwe. To this effect, it will extend technical support, knowledge and skills to VFEX. In addition, DGCX will also help in setting up a framework for a clearing and settlement commodities exchange. The association will deliver mutual benefits to both DGCX and VFEX.
Les Male, CEO of DGCX stated that the MoU is part of its wider strategy to strengthen commodities trading across Africa. The partnership will help to build on its expanding international footprint.
Meantime, Justin Bgoni, CEO of VFEX said that the fruitful exchange of ideas and technical know-how should help it to replicate the success of DGCX in Zimbabwe and in proposed VFEX-driven commodities exchange.
The Dubai Gold and Commodity Exchange (DGCX) and the Dubai Commodity Clearing Company (DCCI) have expanded their existing metal product portfolio with the introduction of new commodity contracts.
Two new aluminum and zinc futures transactions will take place on Friday, March 22, according to a statement by Dubai Gold and Commodities Exchange (DGCX).
The two new products offer investors the opportunity to mitigate the risks of the core metal markets and are expected to show strong market players, enabling them to effectively hedge the risk of price fluctuations.
Both aluminum and zinc futures will be 5 tons and will be revalued and traded in US dollars.
New contracts for producers will be settled in cash in US dollars and investors will have the opportunity to swap swap contracts in the future.EFS”Commodity futures stock market”EFP”With large transactions.
He added that all transactions included in the new contracts were executed by the Dubai Clearing Commodities Company and a fully licensed clearing house provided by the European Securities and Markets Authority as a service to the central counterparty of the other country.