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DMCC Delivers Golden Initiatives Colin Griffith Executive Director Gold, DMCC Chairman, DGCX April...

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DMCC Delivers Golden Initiatives Colin Griffith Executive Director Gold, DMCC Chairman, DGCX April 24 th , 2006
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Page 1: DMCC Delivers Golden Initiatives Colin Griffith Executive Director Gold, DMCC Chairman, DGCX April 24 th, 2006.

DMCC Delivers Golden Initiatives

Colin GriffithExecutive Director Gold, DMCCChairman, DGCX

April 24th, 2006

Page 2: DMCC Delivers Golden Initiatives Colin Griffith Executive Director Gold, DMCC Chairman, DGCX April 24 th, 2006.

Dubai Multi Commodities Centre (DMCC)

800

600

400

200

0

Number of Registered Companies

December 2003

25

February 2005

263

Page 3: DMCC Delivers Golden Initiatives Colin Griffith Executive Director Gold, DMCC Chairman, DGCX April 24 th, 2006.

“Dubai has an impressive history in the international gold market but the

future is ever more exciting”

Colin Griffith3rd City of Gold Conference, February 2005

Page 4: DMCC Delivers Golden Initiatives Colin Griffith Executive Director Gold, DMCC Chairman, DGCX April 24 th, 2006.

Dubai Gold Receipt (DGR)

February 2005

Page 5: DMCC Delivers Golden Initiatives Colin Griffith Executive Director Gold, DMCC Chairman, DGCX April 24 th, 2006.

Dubai Gold Receipt (DGR)

April 2006:

• Adopted by DGCX as delivery mechanism.

• Delivery successfully completed for first two gold futures contracts on DGCX.

• Silver introduced.

• 64 members

Page 6: DMCC Delivers Golden Initiatives Colin Griffith Executive Director Gold, DMCC Chairman, DGCX April 24 th, 2006.

DGR MembersSecurity Beneficiaries:

ABN AMRO Bank

Abu Dhabi Commercial bank

Dubai Bank

HSBC Bank Middle East

Mashreqbank

National Bank of Dubai

National Bank of Fujairah

Standard Bank

Standard Chartered Bank

Union National Bank

Issuers:

Al Ghaith

Al Ghurair Giga Gold

Brinks Global Services

Emirates Gold

Securicor International Valuables Transport Ltd.

Transguard

Collateral Managers / Inspectors (CMI)

Alex Stewart

BSI

GeoChem

SGS

Originators (Most active members)

Alankit Global Resources DMCC

Alukkas Jewellers

ARY Traders

Barjeel Geojit Securities LLC

Bin Sabt Jewellery

Century Financial Brokers LLC

Continental Metals & Commodities DMCC

Damas

Deepu Jewellers

Deutsche Bank

European Commodities DMCC

Global Commodities DMCC

Gold & Commodities Investments DMCC

Kaloti

Lakhoo

Peekay Intermark Limited

Peninsular Middle East DMCC

Trust Securities DMCC

Vinayaka Overseas DMCC

Yusuf Nonoo Jewellers

Another 24 companies

Page 7: DMCC Delivers Golden Initiatives Colin Griffith Executive Director Gold, DMCC Chairman, DGCX April 24 th, 2006.

Gold Sukuk dmcc February 2005

Page 8: DMCC Delivers Golden Initiatives Colin Griffith Executive Director Gold, DMCC Chairman, DGCX April 24 th, 2006.

Gold Sukuk dmcc

April 2006

• Sharia compliant financing arrangements concluded

• “Road Shows” in London, Switzerland, Kuala Lumpur, Singapore, and major GCC destinations

• Closed in May 2005 well over-subscribed

• Listed on the DFM & Luxembourg Stock Exchanges

• DMCC & issue were rated “A” stable by Standard & Poors

• Pricing of 6-month LIBOR + 0.60%

Page 9: DMCC Delivers Golden Initiatives Colin Griffith Executive Director Gold, DMCC Chairman, DGCX April 24 th, 2006.

Gold Sukuk

Geographic Distribution

Asia41%

Middle East44%

Europe15%

Page 10: DMCC Delivers Golden Initiatives Colin Griffith Executive Director Gold, DMCC Chairman, DGCX April 24 th, 2006.

Dubai Good Delivery February 2005

Page 11: DMCC Delivers Golden Initiatives Colin Griffith Executive Director Gold, DMCC Chairman, DGCX April 24 th, 2006.

Dubai Good Delivery

April 2006:

• Gold, 14 approved global refiners

• Silver introduced in January 2006; so far 10 approved refiners

• Used as delivery standard for DGCX gold & silver contracts; 2 deliveries already completed

Page 12: DMCC Delivers Golden Initiatives Colin Griffith Executive Director Gold, DMCC Chairman, DGCX April 24 th, 2006.
Page 13: DMCC Delivers Golden Initiatives Colin Griffith Executive Director Gold, DMCC Chairman, DGCX April 24 th, 2006.

DGD Approved Gold Refiners

AGR Matthey, Australia

Argor Heraeus, Switzerland Emirates Gold, Dubai- UAE

Heraeus Limited, Hong Kong

Johnson Matthey, Hong Kong

Johnson Matthey Inc., USA

Matsuda Sangyo, Japan

Metalor Technologies, Switzerland

Musuku, South Africa

PAMP, Switzerland

PT Antam Tbk, Indonesia

Rand Refinery, South Africa

Tanaka Kikinzoku, Japan

Valcambi, Switzerland

Page 14: DMCC Delivers Golden Initiatives Colin Griffith Executive Director Gold, DMCC Chairman, DGCX April 24 th, 2006.

DGD Approved Silver Refiners

KCM SA, Bulgaria Johnson Matthey Inc., USA Johnson Matthey Ltd, Canada Matsuda Sangyo, Japan Metalor Technologies, Switzerland Mat-Mex Penoles, Mexico PAMP, Switzerland Rand Refinery, South Africa Sumitomo Metal Mining, Japan Tanaka Kikinzoku, Japan

Page 15: DMCC Delivers Golden Initiatives Colin Griffith Executive Director Gold, DMCC Chairman, DGCX April 24 th, 2006.

Dubai Gold & Commodities Exchange DGCX

February 2005

Page 16: DMCC Delivers Golden Initiatives Colin Griffith Executive Director Gold, DMCC Chairman, DGCX April 24 th, 2006.

DGCX - Milestones

May 2005 Regulatory arrangements with Emirates Securities & Commodities Authority (ESCA) finalized

June 2005 Exchange by-laws finalizedClearing banks appointed (HSBC and NBD)DGCX invited applications for membership

July 2005 Membership road-shows in Middle East, Europe & Indian SubcontinentVaults & Refiners approved

August 2005 Applications received and initial memberships grantedTrading systems and networks commissioned

September 2005 Members Training started

October 2005 Online certification course introducedMock trading commenced for membersDubai Commodities Clearing Corporation formed

November 2005 Signed MOU with CBOT

November 21, 2005 H.H. Sheikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai inaugurated DGCX

November 22, 2005 DGCX commenced live trading – gold futures

March 2006 Trading in silver futures commenced

Page 17: DMCC Delivers Golden Initiatives Colin Griffith Executive Director Gold, DMCC Chairman, DGCX April 24 th, 2006.

Dubai Gold & Commodities Exchange

The launch, November 2005

Page 18: DMCC Delivers Golden Initiatives Colin Griffith Executive Director Gold, DMCC Chairman, DGCX April 24 th, 2006.

DGCX – Prominent Overseas Members

Deutsche Bank *

Bank of Nova Scotia (Mocatta) *

Standard Bank Plc

Mitsui Precious Metals

Man Group

Goldas

Just approved: HSBC *

Page 19: DMCC Delivers Golden Initiatives Colin Griffith Executive Director Gold, DMCC Chairman, DGCX April 24 th, 2006.

DGCX - Volumes

0

10

20

30

40

50

60

70

Nov-05 Dec-05 Jan-06 Feb-06 Mar-06 Apr-06(Pro ratamonth to

date)

Num

ber

of

Contr

act

s (T

housa

nds)

Page 20: DMCC Delivers Golden Initiatives Colin Griffith Executive Director Gold, DMCC Chairman, DGCX April 24 th, 2006.

DGCX - Future Plans

Global Expansion of membership base Further industry training Joining hands with other major exchanges Extension of DGCX products

• Currencies futures Due May/June

• Steel futures Due September

• Marine Fuel Oil Due September

• Gold options Due October/November

• Cotton Work in progress

• Freight Rates Work in progress

• Pulses Work in progress

• Others as per market demand

Page 21: DMCC Delivers Golden Initiatives Colin Griffith Executive Director Gold, DMCC Chairman, DGCX April 24 th, 2006.

Dubai Multi Commodities Centre (DMCC)

800

600

400

200

0

Number of Registered Companies

December 2003

25

February 2005

263

April 2006

735

Page 22: DMCC Delivers Golden Initiatives Colin Griffith Executive Director Gold, DMCC Chairman, DGCX April 24 th, 2006.

“Dubai has an impressive history in the international gold market but the future is

ever more exciting”3rd City of Gold Conference, February 2005

“In the Dubai gold market the future is today. Make the most of this golden

opportunity”

4th City of Gold Conference, April 2006

Colin Griffith


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