The Dubai Mercantile Exchange (DGCX) is set to launch new contracts and services and expand its investor base, which was joined last year by new members from the Middle East, Asia and Europe. Gold has gone small to individual investors, and it is also considering expanding the launch of other Islamic products, especially as investors demand an increase.
In his interview with Emirates Al-Youm, Mel denied the exchange of encrypted currency during the current period because of the absence of a regulatory framework. However, he stressed that the exchange is considering the implementation of Block Qin technology to facilitate and support trading activity on the stock exchange.
New Services
"There will be new contracts and services launched this year to attract new international and local investors," he said.
"We are currently studying more foreign exchange products, as well as a small gold product for individual investors. The new products are still in the early stages of development, because we always consult with stock exchange members to ensure that the new products are suitable for the market. We look forward to announcing these products in a timely manner. "
Mell said the bourse has diversified products, including foreign exchange, metals, hydrocarbon products and stocks, and is always looking to launch new products and services. He said that if the time is right and there is interest in the market, Of liquidity.
Currencies are encrypted
"Coded currency trading at the moment is largely unorganized, but it is only a matter of time, before it is more widely regulated," Mel said. "The bourse is looking to see more stringent legislation in the area of coded currencies, We are always exploring the opportunities for listing unique contracts that meet the requirements of our members and stock exchange participants. "
"The stock exchange guarantees the protection of its investors at all times, and without the legislation and laws that allow for this, we are not at all ready to expose our participants to any risks, so it is unlikely to exchange currencies on the exchange at the moment.
He pointed out that the exchange was joined by many new members from the Middle East, Asia and Europe last year, which strengthened the presence and the global recognition of DGCX. The list of new members included direct investment companies and companies providing services to third parties.
Standard trading
Meehl said that the stock market trusts that this year's trading will surpass the previous year, which was a record year after 22.3 million contracts worth US $ 475 billion (AED 1.743 trillion). Last year, Daily, weekly and monthly throughout the year. He added that it is difficult to predict the rate of growth in the level of trading, as there are a number of factors that affect it, as happened last year, such as volatile geopolitical conditions, in addition to the continuing fears of the war of trade, and changes in interest rates and elections also have a role at this level .
Attract investors
He pointed out that the ASE is working on three main areas to attract new investors to the market. The first is the launch of new products and services of particular importance to the GCC region. The second is to maintain the leading position of the stock exchange in its main market and to strengthen and support the products related to India in the sectors Currencies and stocks, and thirdly expand and enhance the technology exchange offers, clearing services, to improve the customer experience. He stressed that the bourse is also working to deepen and strengthen our good relations with the regulatory bodies and the Chinese stock exchanges.
Mell said the exchange is working closely with traders, industry associations and regulatory bodies to educate the investor community, especially investors in the UAE and the GCC, and this area will be a major priority for the stock exchange this year.
He added that the Bourse sees great opportunities within the UAE as it wishes to add regional products that will attract existing investors and new investors by taking advantage of the unique location of the UAE in the GCC.
He said the bourse is currently considering ways to implement Block Qin technology to facilitate and support trading activity on the exchange. Block Qin, which supports encrypted currency trading, has real value because of its ability to speed up financial transactions and settle them. Real time. He said that the next five years would accelerate the growth of this technology and would be a major tool for change in the financial services industry.
Islamic products
He pointed out that the strong performance of the Islamic Shariah-compliant gold contract on the stock exchange, since its launch, has indicated that there is "appetite" for Sharia-compliant products among investors, noting that this product attracts institutional investors and individuals from the GCC countries, The only Shariah-compliant company traded in the world.
Shariah-compliant products will play a major role in the development of the DGCX and the inclusion of Shariah-compliant contracts in a dynamic and fast-growing market such as the UAE makes sense as the country is on track to become a global leader as a diverse Islamic economy And comprehensive.
He added that the success of the Shariah-compliant gold contract made the exchange plan to take advantage of the new investors attracted by this contract by launching other Islamic products.
knowledge Exchange
The Dubai Mercantile Exchange (DSX) held a partnership last year with the Dubai Islamic Economic Development Center to share knowledge and expertise, enhance Shariah-compliant financing and help strengthen Dubai as a global capital for the Islamic economy. Cooperation will be an essential and vital building block for other products.
UAE and Africa
"The stock exchange organized the Emirates Africa Gold Conference on January 8, which aims to provide a platform for business communities from the UAE and Africa to promote business and investment opportunities," said Les Mell, Chief Executive Officer of DGCX. The conference played an important role in launching a dialogue on potential joint venture opportunities, strengthening the UAE's position as a corridor to other markets, and a business center attracting companies across the African continent.