Dubai – Mubasher: The Dubai Gold & Commodities Exchange (DGCX) has obtained the Israel Securities Authority’s (ISA) approval, allowing Israeli firms that trade on a proprietary basis to join and use its trading services and platforms.
Israeli members will also be able to act as market makers on the DGCX platform, according to a statement on Sunday.
This step will allow the DGCX Group to provide its diversified global products and services such as futures and options contracts that cover precious metals, energy, equities, and currency sectors in Israel, as it continues its efforts to expand its derivatives trading in the Middle East.
Les Male, CEO of DGCX, said: “The landmark development of the Abraham Accords provides a springboard for the Israeli community to come to Dubai and invest, opportunities for our new Israeli member base to hedge risk, and to invest in secure and safe assets during times of uncertainty.”
On 13 August 2020, the UAE and Israel signed a joint peace treaty, normalising relations between the countries.
In 2020, the DGCX, a subsidiary of the Dubai Multi Commodities Centre (DMCC), traded 12.73 million contracts and recorded a yearly average open interest (AOI) of 220,504 contracts.