Nasdaq and Dubai Gold & Commodities Exchange sign technology agreement

By Edil Corneille

Nasdaq and Dubai Gold & Commodities Exchange (DGCX) announced today a market technology agreement that entails the provision of a full suite of integrated marketplace solutions by Nasdaq for DGCX. The solutions include multi-asset trading and real-time clearing capabilities, pre-trade risk management, as well as market intelligence, market surveillance, and quality assurance applications.

“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.”

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.

“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 a commodities derivatives exchange in the Middle East, serving both the Middle Eastern and the global capital markets.

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