MiFID II / MiFIR Transparency Criteria Meets DGCX

The Dubai Gold as well as Commodities Exchange (DGCX) announced that it has actually gotten a positive evaluation from the European Securities and also Markets Authority (ESMA), the EU's securities markets regulatory authority, as well as is currently noted as a third-country trading location (TCTV) that meets the post-trade transparency requirements under MiFID II and MiFIR.

The DGCX met all the standards set out in the ESMA Point of view (establishing TCTVs for the function of transparency under MiFID II and also MiFIR), consisting of the need to have a post-trade transparency regime in position which ensures that transactions are published as soon as possible after being performed. Having met these standards, instruments traded on the DGCX are not to be considered as Over-The-Counter (OTC) transactions, as well as companies that execute trades on the DGCX will not have to release details of each transaction and also sustain the connected expenses with doing so.

Les Male, CEO of DGCX, stated: "MiFID II as well as MiFIR are necessary regulations that increase transparency throughout financial markets, so we are delighted to have actually met the high standards established by them. This is a substantial turning point for both the DGCX and the UAE, and underpins our ongoing initiatives to line up with global requirements. We are positive that this move will make the DGCX a lot more obtainable to European investors, while laying the foundations for us to collaborate with institutions across Europe."

In 2017, the DGCX's wholly-owned and regulated clearing house, the Dubai Commodities Clearing Up Corporation (DCCC), got recognition as a third-country Central Counter Party from ESMA.