The Dubai Gold and Commodities Exchange (DGCX), the region’s leading derivatives exchange, has signed an agreement with Victoria Falls Stock Exchange (VFEX) – a subsidiary of the Zimbabwe Stock Exchange – 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 Dubai derivatives exchange in setting a framework for a clearing and settlement commodities exchange.
The one-year agreement was signed by the CEO Les Male and the VFEX CEO Justin Bgoni, during the visit of a high-level Zimbabwean ministerial delegation.
Male said the agreement was part of DGCX's 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, he added.
Bgoni said VFEX was looking forward to a fruitful exchange of ideas and technical know-how that would help it to replicate the success of the Dubai Gold and Commodities Exchange in its own country and under the proposed Victoria Falls Stock Exchange-driven commodities exchange.
The region’s leading derivatives exchange, DGCX has played a pioneering role in developing the regional market for derivatives trading, clearing and settlement.-TradeArabia News Service