Providing Brokerage Services in Commodities in the UAE Futures and Derivatives Trading

business

|

June 30, 2013

|

2985 views


| Your comment matters, please click here to rate article!


To perform as a trader (broker) of commodities in the UAE the company (a legal entity incorporated according to the UAE law or foreign company incorporated outside the UAE) needs to carry out the necessary procedures to obtain a membership from DGCX (Dubai Gold and Commodities Exchange).

Broker Members are entitled to trade on all the products listed by the DGCX either on proprietary basis or on behalf of clients. Broker members have to meet minimum Net Current Tangible Asset (NCTA) requirements specified by Exchange, and comply with a set of regulatory requirements specified in the DGCX By – Laws. Broker Members proposing to deal on behalf of clients, will be subject to statutory regulations.

Broker Members will require a license from the Securities and Commodities Authority UAE (SCA). Following provisional admission to DGCX Broker Membership, the Exchange will submit the necessary papers to the SCA on the applicant’s behalf.

Applicants for DGCX Broker Membership incorporated outside the UAE will be required to provide details of the regulatory arrangements they are subject to in their home jurisdiction.

Before an applicant is approved as a Broker Member, the Exchange needs to carry out certain checks such as;

  • The applicant’s financial resources
  • The applicant’s expertise and experience as a broker in commodities, derivatives markets and/ or in securities, or other similar markets
  • The applicant’s likely contribution to the liquidity and development of DGCX markets
  • Fees and charges
  • Summary of Fees and Minimum Net Current Tangible Asset (NCTA) Requirements

To apply for DGCX membership you need to firstly complete the application form. The application fees for Broker and Trade membership is US$ 1,000. The application fees are non – refundable even if the application is unsuccessful. Monies received into DGCX accounts in respect of Membership must represent the full fees as notified. Broker Memberships are currently offered at an Admission Fee of US$ 150,000.

The membership fee will be refunded if the application is not approved. Refund requests for membership fees will be considered at the Exchange’s discretion while the application is in progress. However, once a membership application has been approved the fees become non refundable. All associated remittance costs are to be paid by the Applicant.

Related Links


Copyright © of this article is retained by the author and/or other copyright owners. We explicitly grant you permission to download a copy, without any alteration, of this article for personal non-commercial research or study, without prior permission or any charge. This article can be utilized on your website or for marketing, however, we grant you permission to host this article on your website and no other rights. This content should not be altered in any way or sold commercially in any format without prior permission of the copyright holder. During reference of this article, full biographic details entailing the name of the author, his designation, the institute and the publishing date of the article shall be provided.


Client Testimonials

I owe the success of my case to Dr. Hassan's diligent approach. He remained focused, put me at ease and always went the extra mile. Dr. Hassan tirelessly put my case in the best possible light and I cannot thank him enough. I would highly recommend Dr. Hassan - I am grateful to him from the bottom of my heart.

Raphael Lauria
Manager, FME General Trading

Dr. Hassan Elhais is among the best legal consultants I have ever worked with. He has an amazing ability to reduce complex issues into a simple concept that non-legal people can understand. He consistently develops innovative litigation strategies that help us to achieve our ultimate legal goals.

Zhuo Liu
Client

...the extraordinary effort that has been exerted by the staff, and we specially thank Dr. Hassan Mohsen Alhais. Wishing your continues success & excellence...

H.H. Sheikh Saeed Bin
Mohammed Hashir Al Maktoum

I believe everyone should recognize what a difference Dr. Hassan Elhais work has made to people's lives; and especially to our family's life, because we will remain forever grateful to each and every one of his team.

Luis Pozueco
Client

Dr. Hassan Elhais never fears cases that involve exposure and he always gives me his honest assessment of our chances of success, which is invaluable to me.

Bassam Yamout
Director, JM Metal Trading LCC

He aided us not only in providing legal advice but also in all legal issues that required a long term strategic approach to achieve most favorable and optimum outcomes he provided us with high level of professional service.

Philippe Delbecq
Client

Dr. Hassan Elhais is a responsible, reputable counsel who operates to high levels of service.

Anil Relwani
Manager, Luxury Real Estate

Dr Hassan Elhais is responsive, thorough and creative with his advice, and is a valued advisor and legal consultant.

Asma Mattar
Manager, Italian Style

Regardless of the complexity of the matter I know Dr. Hassan Elhais will consider not only legal strategy but also business practicalities in providing advice and litigation options.

Dr. Massimo Hakim
Chairman, Italian Style

I recommend Dr. Hassan Elhais to anyone who says 'I'm in legal trouble'. I was extremely satisfied with the high standard of his work. He has always been there when I have needed him and I refer all my clients, family and friends to him/his firm.

Manish Gupta
Marketing Manager, Express Digital System

Dr. Hassan Elhais was very professional and he listened to my needs. He was very prompt, efficient and always kept me informed. Dr. Hassan Elhais's service was excellent and I would definitely recommend him to friends and colleagues.

James Horsley
British Client

Comments

No comments found.

Leave a Comment

Your email address will not be published. Required fields are marked *

Want to know more?
Then talk to us.


Main Menu

Contact Me