DGCX goes live

Discussion in 'Wall St. News' started by SethArb, Nov 22, 2005.

  1. DGCX is a fully automated, screen-based and on-line

    gold and commodities exchange located in Dubai

  2. http://www.tradearabia.com/tanews/newsdetails_snCM_article96689.html

    excerpt below ...

    -Dubai gold bourse opens -
    Posted: Tuesday, November 22, 2005
    -Dubai Gold and Commodities Exchange, the world’s newest commodities exchange and the first such marketplace in the Middle East, commenced trading today at 10am and the first trade was conducted within minutes.-

    -The key February gold futures contract on the Dubai Gold and Commodities Exchange (DGCX) made its debut trade at $495.00 an ounce today, in line with international spot prices.-

    -The exchange will initially be open Monday to Friday, from 10 am until 11pm local time (0600 to 1900 GMT) with a 1 kg gold futures contract. Seven-day trading will start in the first quarter of 2006.-

    -The electronic exchange will operate on a T+1 settlement basis with a subsidiary, the Dubai Commodities Clearing Corporation, acting as the clearing house.-

    -Contracts are identical in format to those on the London Metals Exchange and Nymex, traders said.-

    -The DGCX has also signed a technical agreement with the Chicago Board of Trade, which launched its own gold futures contract just over a year ago.-