The Dubai Financial Services Authority (DFSA) has announced that Eurex Frankfurt AG (EFAG) has been granted the status of a Recognised Body within the Dubai International Financial Centre (DIFC).
The recognition allows EFAG to offer access to its products to authorised members in the DIFC. EFAG operates a derivatives exchange, Eurex Deutschland, which is the largest such exchange in the world.
Commenting, David Knott, Chief Executive of the DFSA, stated:
“This recognition is another step in connecting Dubai with international markets within the framework of world class regulation. In doing so, the DFSA has noted the high standards of German regulation applicable to EFAG."
The DFSA is the independent, integrated regulatory authority responsible for the regulation of all financial and ancillary services conducted in or from the DIFC. Appropriately Authorised Institutions operating in the DIFC may now apply to become a full member of Eurex, and thus will be able to trade all Eurex products.
Currently, Eurex is developing all technical pre-requisites to connect new members from the DIFC. A communications hub, or Access Point, will be launched in the second quarter to facilitate connection to Eurex.
“Markets in the Middle East are a major focus of our strategy to expand into new markets," explained Michael Peters, Global Head of Sales at Eurex. "We are pleased to be able to offer our services in this fast-growing capital market."
Already in November 2006, Eurex obtained a no-objection letter from the Emirates Securities & Commodities Authority, which is the regulatory body for the United Arab Emirates. This allows Eurex to provide direct access for trading firms domiciled in the United Arab Emirates.
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