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Geojit offers trading opportunity in Dubai Gold exchange

Geojit offers trading opportunity in Dubai Gold exchange
Press Trust of India
Kochi, December 7, 2005

Geojit Commodities Ltd is offering facilities to trade in Dubai Gold & Commodities Exchange (DGCX), world's newest online commodities derivatives exchange and the first international commodities derivatives in the Middle East.

With this facility, the clients can buy and sell gold in units of one kg (0.995 fineness) deliverable at DGCX approved vaults in the United Arab Emirates, a GCL press release said.

Geojit is offering trading facilities in DGCX through its joint venture Barjeel Geojit LCC. According to PV Mathew, CEO of Barjeel Geojit, NRIs and local traders in Middle East are very enthusiastic about the prospects of trading in DGCX.

Barjeel Geojit is a trading-cum-clearing member of DGCX which started operations at the same time DGCX went alive. A large number of Indian and Pakistani trading members have clearing arrangements with Bargeet Geojit.

The DGCX, a JV between the Dubai Metals and commodities Centre (DMCC)- Government of Dubai, Financial Technologies (India) Ltd and Multi Commodity Exchange of India Ltd (MCX), offers a range of commodities commencing with gold futures with electronic trading accessible from anywhere in the world.

For an Indian trading from the country, rules and regulations on foreign exchange are also applicable. For an NRI based in Middle East the added advantage is that he can continue with his trades in DGCX at Geojit offices when he comes to India for a holiday.

According to CP Krishnan, chief of Commodities division, direct access to international markets will help clients get integrated to world commodity markets.

Geojit will have terminals of DGCX in Ahmedabad, Baroda, Mumbai, Chennai, Bangalore and Kochi.


LINK: http://www.hindustantimes.com/news/181_1567373,00020020.htm