Dubai picks Pochara to head commodities exchange
Framroze Pochara, formerly a vice-president of the Indian national stock exchange (NSE), has joined the Dubai Gold and Commodities Exchange (DGCX) as chief executive. The exchange is set to start trading before the end of this year.
DGCX is a joint venture between the Dubai Metals and Commodities Centre, of which Rutledge is also acting chief executive, and the Indian companies Multi Commodity Exchange and Financial Technologies India. Trading is set to start "towards the end of 2005", the exchange said. Gold futures will be the first contracts to be listed, followed by gold options and silver futures and options.
The exchange may expand in 2006 into fuel oil, steel and freight. It will be regulated by the UAE Securities and Commodities Authority.
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