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Providing Brokerage Services in Commodities in the UAE: Futures and Derivatives Trading by Hassan Elhais





Providing Brokerage Services in Commodities in the UAE: Futures and Derivatives Trading by
Article Posted: 12/29/2015
Article Views: 705
Articles Written: 98
Word Count: 380
Article Votes: 0
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Providing Brokerage Services in Commodities in the UAE: Futures and Derivatives Trading


 
Business,Business Opportunities,Law
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;

1) The applicant’s financial resources 2) The applicant’s expertise and experience as a broker in commodities, derivatives markets and/ or in securities, or other similar markets 3) The applicant’s likely contribution to the liquidity and development of DGCX markets 4) Fees and charges 5) 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.

For more legal articles, please visit www.professionallawyer.me.

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