Industry Update Regarding Financial Technologies Group (FTIL)
DUBAI, UAE, September 4, 2013 /PRNewswire/ --
Due to unfolding events in India with regards to the Financial Technologies Group (FTIL), DGCX would like to confirm the status of its relationship with the company and its promoters.
FTIL Group is a minority shareholder of DGCX and hold 2 of 5 nominated Board seats. DGCX can confirm that no Director of the Exchange has any operational responsibility for the running of the Company.
Further DGCX confirms that as of 12 March 2013 the exchange replaced all FTIL Group supplied Trading and Clearing technology with a new system 'EOS' supplied by Cinnober.
The Dubai Multi Commodities Centre (DMCC) a Government of Dubai entity is the lead promoter of the exchange and subsequent to a recent share issue now owns 67% of DGCX.
DGCX is regulated by the Emirates Securities and Commodities Authority (ESCA) who are fully aware of the exchange's operations.
About DGCX: Established in 2005, DGCX is the region's first derivatives exchange and the only one allowing participants to clear and settle transactions within the Gulf region. The Exchange has played a pioneering role in developing the regional market for derivatives. DGCX is a Dubai Multi Commodities Centre (Dubai Government) initiative in partnership with Financial Technologies (India) Limited and Multi Commodity Exchange of India Limited (MCX). It is an electronic commodity and currency derivatives exchange with 267 members from across the globe, offering futures and options contracts covering the precious metals, energy and currency sectors. In 2012, the Exchange partnered with Cinnober, one of the world's leading trading technology providers, and developed an advanced technology platform (EOS) designed to support DGCX Members' increasingly sophisticated trading requirements. For more information: http://www.dgcx.ae