Nasdaq and Dubai Gold & Commodities Exchange Sign Landmark Technology Agreement

Rhea-AI Summary

On August 10, 2020, Nasdaq (NDAQ) announced a significant market technology agreement with the Dubai Gold & Commodities Exchange (DGCX). This partnership will allow Nasdaq to deliver a comprehensive suite of marketplace solutions, enhancing trading, real-time clearing, pre-trade risk management, and market intelligence. The goal is to bolster DGCX's capabilities as a leading commodities derivatives exchange and provide full clearing services to other marketplaces. Nasdaq's technology supports over 250 market infrastructure organizations worldwide, strengthening DGCX's position in the capital markets.

Positive

• Partnership enhances DGCX's trading and clearing capabilities.
• Nasdaq's technology supports over 250 global market participants.
• DGCX aims to expand services to regional and global infrastructure providers.

Negative

• None.

STOCKHOLM, Sweden and DUBAI, United Arab Emirates, Aug. 10, 2020 (GLOBE NEWSWIRE) -- Today Nasdaq (Nasdaq: NDAQ) and Dubai Gold & Commodities Exchange (DGCX) announced a major market technology agreement for Nasdaq to provide DGCX with a full suite of integrated marketplace solutions.

The marketplace solutions, delivered via the Nasdaq Financial Framework, include multi-asset trading and real time clearing capabilities, pre-trade risk management, as well as market intelligence, market surveillance and quality assurance applications required to safeguard the integrity of the market. Nasdaq’s real-time clearing solution will provide DGCX with high-velocity multi-asset class clearing, settlement and risk management capabilities. These are designed for secure, efficient and reliable operations and will allow DGCX to offer full clearing capabilities to external marketplaces, both regionally and globally.

“We are pleased to be partnering with Nasdaq in the next stage of the development of DGCX, with their highly-renowned suite of technology solutions that will enable us to provide our Members and their clients with ever-increasing levels of service performance,” said Les Male, CEO at DGCX. “Through this partnership, DGCX will be able to offer services to other market infrastructure providers, both in the region and beyond, as part of the broader vision to develop capital markets in the UAE.”

“By adopting Nasdaq’s suite of scalable and robust technology, DGCX can further execute on its strategy and vision to evolve its marketplace for investors in the Middle East and beyond,” said Paul McKeown, SVP and Head of Marketplace Operators and New Markets, Market Technology, Nasdaq. “We look forward to supporting DGCX as they continue to strengthen their position as a leading commodities derivatives exchange and CCP in the Middle East.”

As a subsidiary of Dubai Multi Commodities Centre, DGCX is the leading commodities derivatives exchange in the Middle East, serving both the Middle Eastern and the global capital markets.

Nasdaq’s market technology powers more than 250 of the world’s market infrastructure organizations and market participants, including broker-dealers, exchanges, clearinghouses, central securities depositories and regulators, in over 50 countries with end-to-end, mission-critical technology solutions.

About Nasdaq

Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com.

About Dubai Gold & Commodities Exchange

Dubai Gold & Commodities Exchange (DGCX) was established in 2005, DGCX is the region’s leading derivatives exchange and the only one allowing global participants to trade, clear and settle transactions within the Gulf region. The Exchange has played a pioneering role in developing the regional market for derivatives and financial infrastructure. DGCX is an electronic commodity and currency derivatives exchange with over 148 members from across the globe, offering futures and options contracts covering the precious metals, energy, equities and currency sectors.  DGCX is a subsidiary of DMCC (Dubai Multi Commodities Centre), a Dubai Government Authority for trade, enterprise and commodities. For more information: www.dgcx.ae

DGCX also owns and operates the region’s largest and only multi-asset Clearing House – Dubai Commodities Clearing Corporation (DCCC). DCCC is regulated by the Securities & Commodities Authority (SCA). It is recognised as a licensed Central Clearing-Counterparty (CCP) by SCA and a Third-Country CCP by European Securities Markets Authority (ESMA) with over 50 clearers from across the globe. For more information: www.dccc.co.ae

Media Contacts

Nasdaq

Ryan Wells
Mobile: +1 646 648 3887
ryan.wells@nasdaq.com

Yan-yan Tong
Mobile: +46 (0)73 449 66 83
yan-yan.tong@nasdaq.com 

Dubai Gold & Commodities Exchange

Weber Shandwick PR

Jonathan Fisher
Tel: +971 (0) 4 445 4222
JFisher@webershandwick.com

NDAQG

FAQ

What technology solutions is Nasdaq providing to DGCX?

Nasdaq is providing a full suite of integrated marketplace solutions, including multi-asset trading and real-time clearing capabilities.

When was the partnership between Nasdaq and DGCX announced?

The partnership was announced on August 10, 2020.

What is the significance of the Nasdaq and DGCX agreement?

The agreement aims to enhance DGCX's capabilities as a leading commodities derivatives exchange in the Middle East, allowing it to offer full clearing services.

How many market infrastructure organizations does Nasdaq support?

Nasdaq supports over 250 market infrastructure organizations worldwide.