In a bid to expand its brokering services to the international markets, Anil Ambani Group’s financial services and distribution arm Reliance Money on Wednesday launched its commodity trading operations in the Dubai Gold and Commodities Exchange (DGCX).
“As the first step towards extending our services in the international market we have become a member of the DGCX to provide brokerage services to Non-Residents Indian (NRIs), Indians residing in the Gulf region and the local investors for trading in commodity derivatives,” Reliance Money CEO and Director Sudip Bandyopadhayay told reporters here.
“With the launch we can now offer not only Indian financial products to global investors but also foreign products to them,” Bandyopadhayay said, adding we are aiming to cater to about 1,00,000 customers by the end of this calender year.
“Reliance Money has registered its wholly-owned subsidiary Reliance Commodities DMCC in UAE for carrying out the brokerage services in the country and through the DGCX membership, we will facilitate trading and hedging activities in gold, crude oil, silver and currencies for investors in a cost effective manner,” he added.
Dubai Gold and Commodities Exchange commenced trading in November 2005. It was a Dubai Multi Commodities Centre (Government of Dubai) initiative in partnership with Financial Technologies (India) and Multi Commodity Exchange of India.
It is the only exchange in the world where Indian Rupee futures are traded.
“We are pleased that Reliance Money has joined as a member… With India’s largest commodity exchange MCX being our founding company in association with the Dubai government, we are optimistic about this membership from which we expect to add to our fast growing trading volumes,” DGCX CEO Malcolm Wall Morris said.
The trading volumes of DGCX has increased 95 per cent in January, compared to the same period last year with the total value of contracts at 4.3 billion dollars in the month.
The exchange also provides trading between 8:30 am to 11:30 pm, which covers various time zones across world and global investors from far East to the US and Europe can trade on the exchange at their convenient times.
Being located in the Middle East it fits the critical time zone between the markets of Europe and the Far East, Bandyopadhyay said.
Reliance Money, which launched its services in India in April 2007, has already got over six lakh customers in India for its brokering and others services.