Phillip Futures DMCC joins DGCX as broker clearing member

The Dubai Gold and Commodities Exchange (DGCX) has announced that Phillip Futures DMCC, a leading provider of online trading services, has been approved as a Broker Clearing Member of DGCX.

The company is part of a global financial Institution PhillipCapital, headquartered in Singapore. Phillipcapital group acquired MF Global Dubai and MF Global India operations in August 2012. The company offers its clients a comprehensive suite of financial services including stock-broking, share financing, asset management, investment research, remittance services and distribution of wealth management products such as unit trusts, hedge funds  Its services are available to an array of customers including financial institutions, corporates, banks, high net-worth individuals and retail participants.

Gary Anderson, CEO of DGCX, said: “We are pleased to welcome Phillips Futures to the DGCX community as a Broker Clearing Member. Despite the current economic climate, both DGCX’s Member community and trading volume have expanded rapidly driving record growth for the Exchange. The presence of companies like Phillip Futures in the DGCX community will support our efforts to grow and deepen the regional derivatives market.”

Philip Futures DMCC, adds to DGCX's growing international membership base. A range of market players, including commercial institutions, funds, arbitrageurs, HNWIs, proprietary traders and private investors are Members of DGCX. As of October 2012, DGCX has 266 Members and is continually looking at new product development initiatives to attract an even greater diversity of Members.

Vineet Bhatnagar, Managing Director of Phillip Futures DMCC said: "We are delighted to join DGCX as a Broker Clearing Member and believe it is an important development in the expansion of our business. This region has traditionally remained an attractive hub for accessing the larger market surrounding it because of its strategic location in a time zone midway between the Far East and Europe.”

Rajiv Kumar, Dy.CEO of Phillip Futures DMCC said: “DGCX offers an exciting platform to access alternate markets especially the Middle East. This collaboration will allow us to further grow our commodities business, enhance our client base, and rapidly grow our business in the MENA region, which offers significant potential for growth. We look forward to a productive collaboration with DGCX,”

Established in 1975, PhillipCapital is a group of companies which offers a full range of quality and innovative financial services to retail, corporate and institutional clients. The PhillipCapital group currently has more than 3500 staff across Asia, Australia, Europe and United States, with the total assets under management worldwide more than $18 Billion and with total shareholders' funds in excess of $1 billion. Today, the group operates in 16 countries.

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