NEW: VFEX signs strategic MoU with DGCX 

08 Sep, 2021 - 15:09 0 Views
NEW: VFEX signs strategic MoU with DGCX 

The Sunday Mail

Online Reporter 

The Victoria Falls Stock Exchange (VFEX) has signed a Memorandum of Understanding (MoU) with the Dubai Gold and Commodities Exchange (DGCX), to strengthen bilateral cooperation as well as exchange knowledge around commodities trading.

As part of the agreement, the DGCX will extend technical support, knowledge and skills to VFEX, with the ultimate aim of establishing an international commodities exchange in Zimbabwe. Additionally, VFEX will seek support from the DGCX in framing a clearing and settlement commodities exchange framework.

And the collaboration will also pave the way for possible investments by DGCX into the VFEX Commodities Exchange.

The one-year agreement was signed in Dubai by DGCX chief executive Mr Les Male, and VFEX chief executive Mr Justin Bgoni, during the visit of a high-level Zimbabwean ministerial delegation, which also included the Minister of Finance and Economic Development Professor Mthuli Ncube.

Said Mr Male:

“We are delighted to forge a partnership with the Victoria Falls Stock Exchange, as part of our wider strategy to strengthen commodities trading across Africa. We are confident that our deep knowledge and expertise will help bring value to VFEX as they kick start the Offshore Financial Services Centre (OFSC) for the special economic zone in Victoria Falls.

“The partnership also builds on our expanding international footprint and represents another opportunity for us to build stronger inroads into Africa, a rapidly growing market with enormous potential.”

The VFEX chief executive said they anticipate that the local bourse draw significant expertise from the DGCX.

“We are looking forward to a fruitful exchange of ideas and technical know-how that should culminate in us being able to replicate the success of the Dubai Gold and Commodities Exchange in our own country and under the proposed Victoria Falls Stock Exchange-driven commodities exchange,” said Mr Bgoni.

DGCX is the region’s leading derivatives exchange and has played a pioneering role in developing the regional market for derivatives trading, clearing and settlement.

The DGCX Group owns and operates the region’s largest and only multi-asset Clearing House – Dubai Commodities Clearing Corporation (DCCC).

DGCX’s strategic geographic location in Dubai between the Far East, Europe and Africa serves as a unique, global window for traders and investors. With over 100 members across the world, the DGCX drives liquidity in the market by offering a broad range of futures and options contracts covering base and precious metals – including the world’s only Shari’ah Compliant Spot Gold Contract –hydrocarbons, equities and currencies.

Both DGCX and DCCC are regulated by the Securities & Commodities Authority.

 

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