DGCX member Paloma Precious DMCC completed the first transaction with one of the most reputable banks in the UAE, becoming the first trader to benefit from access to short term liquidity using the newly launched products. The physical gold bars changing hands in this transaction are "Emirates Gold" which is part of the UAE Good Delivery standard.
Ahmed Bin Sulayem added: “We are delighted to have successfully closed the first transaction for the newly launched products. The transaction highlights the nature of products we are bringing to the markets – relevant, innovative and highly accessible to key market participants. We expect more such transactions with banks and financial institutions as we continue to bring products that can provide liquidity for traders to the markets.”
Both the newly launched products can be traded on the DGCX EOS Trader platform, where traders manage risk, protect value and grow portfolios by buying and selling commodity and currency derivatives.
Gold that is delivered under the Spot Gold Contract shall be of a fineness of 995.0 parts per thousand and be of “UAE Good Delivery” quality specification within the chain of custody, as determined by DMCC. The DGCX clearing house acts as the central counterparty to all transactions. This continues the UAE’s commitment to embedding the very highest international gold standards into the region.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
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