MarketPrizm, a leading provider of market data and trading infrastructure services, today announced that it will offer data and order entry services to the Dubai Gold & Commodities Exchange (DGCX).
This move will provide European investors with improved access to the DGCX, which is now recognised as the leading derivatives exchange in the Middle East and North Africa (MENA) region and one of the fastest growing exchanges in the world.
Investors will be able to take advantage of MarketPrizm's low latency data and managed trading services to connect to the DGCX and send orders into the exchange. These services will provide the ability to receive data and trade on the DGCX from anywhere in Europe without the added costs of establishing connectivity into Dubai, reducing costs and giving investors a faster time to market.
"Extending our offering to provide market data in the UAE is an exciting step for MarketPrizm," said Jay Hibbin, MarketPrizm's Commercial Director. "The increasing number of international trading houses in Europe who want to trade commodities and FX in the UAE will now have easier access to this highly sought after market. And the DGCX will benefit from expanded foreign trading volumes by global investors. This move is in-line with our focus on enabling customers to deploy increasingly complex multi-venue trading strategies across the derivatives, FX and commodities markets."
Gary Anderson, CEO of DGCX said: "We are very happy to welcome MarketPrizm, a leading provider of market data and trading infrastructure services, to the DGCX community. As DGCX widens its global footprint, enhanced access and connectivity to the Exchange will be a critical enabler for our growth. We look forward to working with MarketPrizm to make it easier and more cost effective for traders in Europe to connect and trade on DGCX."
The DGCX commenced trading in November 2005 as the Middle East's first commodity derivatives exchange. It offers a range of products covering precious metals, base metals, energy and currencies. Over 80% of DGCX's current membership base is from the Middle East and the Indian subcontinent, with the remainder comoming from the US and Europe. In 2012, the DGCX was named the second-fastest growing exchange by Futures & Options World (FOW) magazine. In August 2013, year-to-date volumes on the DGCX surpassed the 10 million volume mark for the first time in the Exchange's history.