A big platform offered for the Israeli traders of gold by allowance received to participate in the Dubai Gold & Commodities Exchange (DGCX). As per a statement; this has occurred for the first time that the Israel Securities Authority offered permission that enables Israel’s corporations to be a part of one of the biggest exchanges – DGCX. Now, with permission, the traders can make use of the services and platforms. Being one of the largest derivatives exchanges in the entire Middle East DGCX offers products in four categories or asset classes like Metals, Equities, Currencies, and Hydrocarbons through which it acts as a diverse derivatives exchange. Dubai Gold and Commodities Exchange provides futures products like the Indian rupee, plastics, crude oil, currency, etc. The exchange provides clearing, risk management functions, and settlement. As per the statement, DGCX can offer Futures and Options Contracts for Israel’s markets.
After this permit, the Israeli members will have an advantage to being market makers. The agreement follows the last year’s accordance which was signed to promote good relations between the United Arab Emirates and Israel. The deal was followed by several other bilateral agreements in different sectors like tourism, investment and, banking services.
The opportunity is expected to act as a launchpad for the Israeli markets and corporations, as it enables them to invest in one of the biggest platforms. The new joiners have a greater prospect to hedge risk, to be on the safe side by investing in secured assets, and reap benefits in difficult times.
It thereby allows DGCX to expand the services and continue as a leader in the exchange. By allowing the new move it shows strengthening the relations of UAE and Israel with widening markets that demonstrates excitement with new addition in DGCX. It also widens the Gulf Cooperation Council (GCC) region with continuous expansion as they enable traders internationally for investments in the markets with products and services that are significant to the participants.
Israel has an incredible trading partnership with the US and stands as the 24th largest trading partner for precious stones/diamonds, pharmaceutical products, agriculture products, machinery, and medical investments due to its resilient and stable economy.