DMCC Delivers Golden Initiatives Colin Griffith Executive Director Gold, DMCC Chairman, DGCX April...
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Transcript of DMCC Delivers Golden Initiatives Colin Griffith Executive Director Gold, DMCC Chairman, DGCX April...
DMCC Delivers Golden Initiatives
Colin GriffithExecutive Director Gold, DMCCChairman, DGCX
April 24th, 2006
Dubai Multi Commodities Centre (DMCC)
800
600
400
200
0
Number of Registered Companies
December 2003
25
February 2005
263
“Dubai has an impressive history in the international gold market but the
future is ever more exciting”
Colin Griffith3rd City of Gold Conference, February 2005
Dubai Gold Receipt (DGR)
February 2005
Dubai Gold Receipt (DGR)
April 2006:
• Adopted by DGCX as delivery mechanism.
• Delivery successfully completed for first two gold futures contracts on DGCX.
• Silver introduced.
• 64 members
DGR MembersSecurity Beneficiaries:
ABN AMRO Bank
Abu Dhabi Commercial bank
Dubai Bank
HSBC Bank Middle East
Mashreqbank
National Bank of Dubai
National Bank of Fujairah
Standard Bank
Standard Chartered Bank
Union National Bank
Issuers:
Al Ghaith
Al Ghurair Giga Gold
Brinks Global Services
Emirates Gold
Securicor International Valuables Transport Ltd.
Transguard
Collateral Managers / Inspectors (CMI)
Alex Stewart
BSI
GeoChem
SGS
Originators (Most active members)
Alankit Global Resources DMCC
Alukkas Jewellers
ARY Traders
Barjeel Geojit Securities LLC
Bin Sabt Jewellery
Century Financial Brokers LLC
Continental Metals & Commodities DMCC
Damas
Deepu Jewellers
Deutsche Bank
European Commodities DMCC
Global Commodities DMCC
Gold & Commodities Investments DMCC
Kaloti
Lakhoo
Peekay Intermark Limited
Peninsular Middle East DMCC
Trust Securities DMCC
Vinayaka Overseas DMCC
Yusuf Nonoo Jewellers
Another 24 companies
Gold Sukuk dmcc February 2005
Gold Sukuk dmcc
April 2006
• Sharia compliant financing arrangements concluded
• “Road Shows” in London, Switzerland, Kuala Lumpur, Singapore, and major GCC destinations
• Closed in May 2005 well over-subscribed
• Listed on the DFM & Luxembourg Stock Exchanges
• DMCC & issue were rated “A” stable by Standard & Poors
• Pricing of 6-month LIBOR + 0.60%
Gold Sukuk
Geographic Distribution
Asia41%
Middle East44%
Europe15%
Dubai Good Delivery February 2005
Dubai Good Delivery
April 2006:
• Gold, 14 approved global refiners
• Silver introduced in January 2006; so far 10 approved refiners
• Used as delivery standard for DGCX gold & silver contracts; 2 deliveries already completed
DGD Approved Gold Refiners
AGR Matthey, Australia
Argor Heraeus, Switzerland Emirates Gold, Dubai- UAE
Heraeus Limited, Hong Kong
Johnson Matthey, Hong Kong
Johnson Matthey Inc., USA
Matsuda Sangyo, Japan
Metalor Technologies, Switzerland
Musuku, South Africa
PAMP, Switzerland
PT Antam Tbk, Indonesia
Rand Refinery, South Africa
Tanaka Kikinzoku, Japan
Valcambi, Switzerland
DGD Approved Silver Refiners
KCM SA, Bulgaria Johnson Matthey Inc., USA Johnson Matthey Ltd, Canada Matsuda Sangyo, Japan Metalor Technologies, Switzerland Mat-Mex Penoles, Mexico PAMP, Switzerland Rand Refinery, South Africa Sumitomo Metal Mining, Japan Tanaka Kikinzoku, Japan
Dubai Gold & Commodities Exchange DGCX
February 2005
DGCX - Milestones
May 2005 Regulatory arrangements with Emirates Securities & Commodities Authority (ESCA) finalized
June 2005 Exchange by-laws finalizedClearing banks appointed (HSBC and NBD)DGCX invited applications for membership
July 2005 Membership road-shows in Middle East, Europe & Indian SubcontinentVaults & Refiners approved
August 2005 Applications received and initial memberships grantedTrading systems and networks commissioned
September 2005 Members Training started
October 2005 Online certification course introducedMock trading commenced for membersDubai Commodities Clearing Corporation formed
November 2005 Signed MOU with CBOT
November 21, 2005 H.H. Sheikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai inaugurated DGCX
November 22, 2005 DGCX commenced live trading – gold futures
March 2006 Trading in silver futures commenced
Dubai Gold & Commodities Exchange
The launch, November 2005
DGCX – Prominent Overseas Members
Deutsche Bank *
Bank of Nova Scotia (Mocatta) *
Standard Bank Plc
Mitsui Precious Metals
Man Group
Goldas
Just approved: HSBC *
DGCX - Volumes
0
10
20
30
40
50
60
70
Nov-05 Dec-05 Jan-06 Feb-06 Mar-06 Apr-06(Pro ratamonth to
date)
Num
ber
of
Contr
act
s (T
housa
nds)
DGCX - Future Plans
Global Expansion of membership base Further industry training Joining hands with other major exchanges Extension of DGCX products
• Currencies futures Due May/June
• Steel futures Due September
• Marine Fuel Oil Due September
• Gold options Due October/November
• Cotton Work in progress
• Freight Rates Work in progress
• Pulses Work in progress
• Others as per market demand
Dubai Multi Commodities Centre (DMCC)
800
600
400
200
0
Number of Registered Companies
December 2003
25
February 2005
263
April 2006
735
“Dubai has an impressive history in the international gold market but the future is
ever more exciting”3rd City of Gold Conference, February 2005
“In the Dubai gold market the future is today. Make the most of this golden
opportunity”
4th City of Gold Conference, April 2006
Colin Griffith