DGCX Signs MoU with VFEX to Target Commodities Trading

The Dubai Gold & Commodities Exchange (DGCX) recently announced that it has signed a Memorandum of Understanding (MoU) with Victoria Falls Stock Exchange (VFEX), a subsidiary of the Zimbabwe Stock Exchange (ZSE).

The one-year agreement was signed by the CEO of DGCX, Les Male, and the CEO of VFEX, Justin Bgoni with the aim to strengthen bilateral cooperation as well as exchange knowledge around commodities trading.

As part of the agreement, the DGCX will extend technical support, knowledge, and skills to VFEX, with the ultimate aim of establishing an international commodities exchange in Zimbabwe. Additionally, VFEX will seek support from the DGCX in setting a framework for a clearing and settlement commodities exchange. The collaboration will also pave the way for mutual benefits to both DGCX and VFEX.

“We are delighted to forge a partnership with the Victoria Falls Stock Exchange, as part of our wider strategy to strengthen commodities trading across Africa. We are confident that our deep knowledge and expertise will help bring value to VFEX as they kickstart the Offshore Financial Services Centre (OFSC) for the special economic zone in Victoria Falls. The partnership also builds on our expanding international footprint and represents another opportunity for us to build stronger inroads into Africa, a rapidly growing market with enormous potential,” commented Mr. Les Male, CEO of DGCX.

 “On behalf of the Victoria Falls Stock Exchange, I am pleased to be part of this momentous occasion of the signing of the Memorandum of Understanding between our exchange and the Dubai Gold and Commodities Exchange. We are looking forward to a fruitful exchange of ideas and technical know-how that should culminate in us being able to replicate the success of the Dubai Gold and Commodities Exchange in our own country and under the proposed Victoria Falls Stock Exchange-driven commodities exchange," added Mr. Justin Bgoni, CEO of VFEX.

As Fazzaco reported earlier, DGCX has obtained authorization from the Israel Securities Authority (ISA)​ to serve Israel-based market participants and investors. Qualified Israeli corporations who trade on proprietary basis will be able to become members of the DGCX and to use its trading services and platforms.