DGCX signs strategic memorandum of understanding with VFEX to strengthen commodity trade in Africa

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  • The DGCX will also support VFEX in the development of a framework for the exchange of clearing and settlement products.

Dubai: The Dubai Gold and Commodities Exchange (DGCX), the region’s leading derivatives exchange, has signed a memorandum of understanding with Victoria Falls Stock Exchange (VFEX) – a subsidiary of the Zimbabwe Stock Exchange (ZSE) – to strengthen bilateral exchanges cooperation as well as the exchange of knowledge around the trade of raw materials.

As part of the agreement, DGCX will extend its technical support, knowledge and skills to VFEX, with the ultimate goal of establishing an international commodity exchange in Zimbabwe. In addition, VFEX will seek the support of the DGCX to establish a framework for a commodity clearing and settlement exchange. The collaboration will also pave the way for mutual benefits for DGCX and VFEX.

The one-year deal was signed by DGCX CEO Les Male and VFEX CEO Justin Bgoni during a visit by a high-level Zimbabwean ministerial delegation.

Les Male, CEO of DGCX, said: “We are delighted to forge a partnership with the Victoria Falls Stock Exchange, as part of our broader strategy to strengthen commodity trading across Africa. We areconfident that our in-depth knowledge and expertise will help bring value to VFEX as they launch the Offshore Financial Services Center (OFSC) for the Victoria Falls Special Economic Zone. The partnership also builds on our expanding international footprint and represents another opportunity for us to build stronger forays into Africa, a rapidly growing market with enormous potential. “

Mr. Justin Bgoni, CEO of VFEX, said: “On behalf of the Victoria Falls Stock Exchange, I am pleased to participate in this momentous occasion of the signing of the Memorandum of Understanding between our stock exchange and the Dubai Gold and Commodities Exchange. We look forward to a fruitful exchange of ideas and technical know-how which should result in us being able to replicate the success of the Dubai Gold and Commodities Exchange in our own country and in the framework of the commodities exchange offered by the Victoria Falls Stock Exchange. “

The Dubai Gold & Commodities Exchange (DGCX) is the region’s leading derivatives exchange and has played a pioneering role in the development of the regional market for the trading, clearing and settlement of derivatives. The DGCX Group owns and operates the largest and only multi-asset clearinghouse in the region – the Dubai Commodities Clearing Corporation (DCCC). The DGCX and the DCCC are regulated by the Securities & Commodities Authority (SCA). It is recognized as a central clearing counterparty (CCP) authorized by the SCA and as a third country central counterparty by the European Securities and Markets Authority (ESMA).

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About the DGCX:

The Dubai Gold & Commodities Exchange (DGCX) is the region’s leading derivatives exchange and has played a pioneering role in the development of the regional market for the trading, clearing and settlement of derivatives.

DGCX owns and operates the largest and only multi-asset clearinghouse in the region – the Dubai Commodities Clearing Corporation (DCCC). The DGCX and the DCCC are regulated by the Securities & Commodities Authority (SCA). It is recognized as a central clearing counterparty (CCP) authorized by the SCA and as a third country central counterparty by the European Securities and Markets Authority (ESMA).

The strategic geographical location of the DGCX in Dubai between the Far East, Europe and Africa constitutes a unique global window for traders and investors. With over 100 members worldwide, DGCX boosts market liquidity by offering a wide range of futures and options covering base and precious metals – including the only spot gold contract compliant with Sharia – hydrocarbons, stocks and currencies.

For more information, please visit:
www.dgcx.ae
www.dccc.co.ae

For more information, please contact:
Daniel Chinoy
Weber Shandwick RP
Phone. : +971 50 255 3402
Email: [email protected]

© Press release 2021


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