Morgan joins Dubai exchange just days before it trades gold options


JPMorgan Joins Dubai Commodities Exchange

From Reuters
via New Straits Times, Kuala Lumpur, Malaysia
Monday, April 23, 2007

DUBAI -- US investment bank JPMorgan Chase & Co has joined the Dubai Gold and Commodities Exchange (DGCX) as a broker clearing member, the exchange said in a statement yesterday.

The DGCX, launched in November 2005, is rapidly establishing itself as a major trading centre and hosts gold and silver futures as well as currency contracts.

Broker clearing membership entitles JPMorgan, the number three US bank, to trade and clear transactions on any of the DGCX markets.

Overall trade on the DGCX last week reached a record with over 36,000 contracts changing hands for a notional value of over US$1.5 billion.

The DGCX is set to launch gold options trading on April 30.

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