Financial Technologies Group has sold one per cent
stake in Dubai Gold and Commodities Exchange (DGCX)
to Dubai Multi Commodities Centre (DMCC) for $12.5 million
(Rs 55 crore).
DMCC now holds 51 per cent and FT Group 49 per cent
in DGCX, Financial Technologies (India) Ltd informed
the Bombay Stock Exchange in a regulatory filing.
DGCX was started as a joint venture between DMCC, the
government of Dubai, FTIL and Multi Commodity Exchange
of India Ltd (MCX).
"To date, DGCX has proven to be a successful venture
and DMCC, as a Government of Dubai authority with extensive
relationships with the commodity sector in the region,
is the appropriate venture partner to hold the majority
interest in DGCX," Jignesh Shah, founder CEO of
FT Group, said.
"This transaction testifies to DMCC''s total confidence
in, and commitment to, DGCX." David Rutledge, CEO
of DMCC said.
"DMCC has a productive relationship with FT Group
and we look forward to working with them to fully exploit
the full potential of the exchange. The FT Group technology,
as the ''engine room'' of DGCX, has been a cornerstone
of its success to date and will continue to underpin
its future growth," Rutledge added.
DGCX is an electronic futures and options exchange,
which utilises trading, clearing and settlement technology
developed by FT Group.
currently lists futures contracts in gold, silver, currencies
and fuel oil. It has recently announced the imminent
launch of futures contracts in steel, and options contracts
on gold. DGCX has also foreshadowed the future listing
of various agricultural, metal and energy products.