Pakistan Mercantile Exchange Limited (PMEX), the countryâ€™s only multi-commodity exchange, and Dubai Gold & Commodities Exchange (DGCX), UAEâ€™s leading derivatives bourse, today announced that they have signed a Collaboration Agreement (CA) to create a forum to work together, share information, and bridge connections between the financial markets of Pakistan and UAE.
Speaking at the occasion, Ejaz Ali Shah, Managing Director, PMEX, said: â€œIt is an exciting time for us to be collaborating with DGCX. We see various similarities between both Exchanges, one of them being our mutual commitment to provide a world-class commodity futures platform for market participants, driven by best global practices, professionalism and transparency. We are also both leaders in selling and trading gold in our respective markets. Therefore, the partnership is only a natural and expected step forward for both entities, as we join hands to contribute to the derivatives global market.â€
Gaurang Desai, CEO of DGCX, commenting on the CA, said: â€œThe CA with PMEX will enable DGCX to develop a better understanding of Pakistanâ€™s derivatives markets at a time when these markets are evolving rapidly, the economy is on a growth trajectory. We believe this agreement will build upon the business relationships we have established in other Asian markets and provide an important foundation for the development of futures markets in Pakistan.â€
PMEX is working to develop strategic ties with international exchanges to explore new business opportunities and adapting best practices. In line with this objective, after UAE, PMEX plans to sign similar accords with exchanges of Iran and South Africa.