The Dubai Gold and Commodities Exchange (DGCX) announced that it has received a positive assessment from the European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, and is now listed as a third-country trading venue (TCTV) that meets the post-trade transparency requirements under MiFID II and MiFIR.
The DGCX met all the criteria set out in the ESMA Opinion (determining TCTVs for the purpose of transparency under MiFID II and MiFIR), including the requirement to have a post-trade transparency regime in place which ensures that transactions are published as soon as possible after being executed. Having met these criteria, instruments traded on the DGCX are not to be considered as Over-The-Counter (OTC) transactions, and firms that execute trades on the DGCX will not have to publish details of each transaction and incur the associated costs with doing so.
In 2017, the DGCX’s wholly-owned and regulated clearing house, the Dubai Commodities Clearing Corporation (D`CCC), received recognition as a third-country Central Counter Party from ESMA.
Also published on Medium.
