DGCX names Middle East development head
Dubai's Gold and Commodities Exchange has named a former HSBC banker as its head of business development in the Middle East.
The derivatives house, which offers gold and copper futures, said Abdullah Harmoozi has taken on the role.
He is tasked with growing DGCX'S market share in the Middle East and North Africa by selling the firm’s trading and hedging tools.
Harmoozi worked at HSBC for five years where he looked after various roles within the wealth management and global markets space.
The appointment comes after a strong start to the year for DGCX, with January figures showing an open interest increase of 26%.
Volumes rose as investors moved to to hedge foreign exchange (FX) volatility in Indian and South African.
The recently launched Dubai Spot Gold Contract traded 1516 kilogrammes in January 2016, while DGCX launched its equity product segment by offering 15 single stock futures on USA stocks like Facebook, Google, Apple, JP Morgan and Microsoft.
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