DMCC signs MoU with Borsa İstanbul in Dubai
DMCC, the Government and Free Zone authority on trade, enterprise and commodities in Dubai and Borsa İstanbul, have signed a Memorandum of Understanding (‘MoU’), to further enhance bilateral trade relations.
The terms of the MoU state the two entities will collaborate to further enhance bilateral trade efficiencies and value added membership services for its market participants.
The signing ceremony hosted by DMCC was attended by Gautam Sashittal, Chief Executive Officer, DMCC; Tuncay Dinç, CEO of Borsa İstanbul; Gaurang Desai, Chief Executive Officer, DGCX and Sanjeev Dutta, Director, DMCC Tradeflow.
Gautam Sashittal, CEO, DMCC, said: “At DMCC we value the importance and impact of strategic partnerships and mutual collaboration between trade entities and platforms across the globe. The aim of the MoU we have signed is to further enhance bilateral trade between Dubai and Istanbul, two of the world’s largest bullion trading hubs, by providing efficient and enhanced member services for Borsa İstanbul, DMCC Tradeflow and DGCX market participants”.
“We are pleased to sign a Memorandum of Understanding to increase trading activity in precious metals and enhance the mutual cooperation between Borsa İstanbul and DMCC. Borsa İstanbul believes in promising prospects for trading and post trade services of precious metals, recognises the importance of a liquid precious metals market, and intends to collaborate with DMCC to develop a common strategy to increase the speed of development of trading services for precious metals”, said Tuncay Dinç, CEO of Borsa İstanbul.”
The terms of the MoU cover a number of enhanced membership services that will benefit the Borsa İstanbul, DGCX and DMCC Tradeflow platforms alike including access to responsible sourcing standards; storage infrastructure and financial infrastructure.