The Dubai Gold and Commodities Exchange, DGCX, and China Financial Futures Exchange, CFFEX, have signed a Memorandum of Understanding for strengthening cooperation between the derivatives markets of both China and the Middle East.
This is the first MoU that CFFEX has signed with a derivatives exchange in the Middle East, and is designed to facilitate closer cooperation in areas concerning risk management, business strategy, market surveillance and new product development.
Gaurang Desai, Interim Chief Executive Officer of DGCX, said, "We are pleased to have signed this MoU with CFFEX. The MoU will enable us to work together towards our mutual interests, enhance business opportunities and extend global reach, gradually resulting in benefits for our customer base. Through this association, both markets will be able to leverage knowledge and expertise to support pioneering ideas and further development in financial derivatives trading." Hu Zheng, Chief Executive Officer, CFFEX said, "As a leading derivatives exchange in the Middle East, DGCX has a great portfolio of products and is highly influential across regional financial markets. The signing of the MoU with DGCX is in line with our strategy of globalisation and lays a good foundation for our future cooperation. We sincerely hope that the two exchanges will strengthen cooperation in various areas including information sharing, personnel training and business development. This will greatly benefit both exchanges and help us achieve a win-win outcome and common prosperity." The DGCX-CFFEX MoU is the latest in a growing number of agreements between the UAE and China as both countries strengthen bilateral financial cooperation and promote trade and investment. According to a recent report, China is expected to be one of UAE’s fastest growing trade routes over the next two decades, growing at 10 percent per annum.