The Dubai Gold & Commodities Exchange (DGCX) said Sunday it has received a permit from the Israel Securities Authority (ISA) that will allow qualified Israeli stock market traders and investors to become members of the DGCX and to use its trading services and platforms.
Once members, Israeli players will also be able to act as market makers on the DGCX platform. Market makers are firms or individuals who provide both bids for and offers of securities.
The move allows the DGCX Group to offer its global products and services, including futures and options contracts for precious metals, energy, equities and currency sectors, to Israeli investors as it seeks to expand its role in the Middle East as a growing exchange for the trading of derivatives.
“The strengthening of ties and opening up of markets between the UAE and Israel represents an incredibly exciting moment in the DGCX story and the wider Gulf Cooperation Council (GCC) region, as we continue to expand internationally by providing investors and market participants with products and services that are highly innovative and that add true value,” said Les Male, CEO of DGCX, in a statement. “We are delighted to be able to welcome Israeli investors and market participants to a global community of over 100 members from around the world.”
Last year, the UAE and Israel normalized ties by signing the Abraham Accords. This has created joint trade and business opportunities for both sides.
“We look forward to opening doors for traders from Israel,” Male added.