Dubai: Jignesh Shah, chairman, Financial Technologies of India — which along with the Indian exchange MCX holds a large equity in the new Dubai commodity bourse — recently announced the opening the Dubai Gold and Commodities Exchange (DGCX), the first of its kind in the Gulf.

The balance equity in the new exchange lies with the Dubai government. Several Indian brokerages have set up shop in the Dubai commodity exchange that was opened for trading recently.

MCX is now the first Indian exchange to reach beyond the country's shores. In a span of just two months, DGCX has received a record 250 applications. The list almost of aspiring members reads like a who's who of the world of finance. The exchange got a shot in the arm with the decision of the largest local bank, National Bank of Dubai along with HSBC became clearing and settlement banks.