Dubai Commodities Exchange appoints CEO

The Board of Directors of the Dubai Gold and Commodities Exchange (DGCX) has announced the appointment of Framroze Pochara as the new Chief Executive Officer of the new commodities Exchange. Mr. Pochara, an industry expert, with over 19 years international experience, has held prestigious positions in India’s largest and leading securities exchange. The DGCX, Dubai’s new electronic commodities derivatives exchange, is a joint venture between the Dubai Metals and Commodities Centre (DMCC), a strategic initiative of the Government of Dubai, Multi Commodity Exchange of India Limited (MCX) and Financial Technologies India Ltd (FTIL). Announcing Mr. Pochara’s appointment, newly appointed Chairman of DGCX and Acting CEO of DMCC, Dr David Rutledge said: “I am pleased to announce Mr. Framroze Pochara as the CEO of Dubai Gold and Commodities Exchange. He has played a leading role in every facet of the capital market business and has an intimate knowledge and understanding of the industry and the competitive landscape in which we operate. With his extensive knowledge of the industry, I am confident that he will play a pivotal role in driving DGCX’s initiatives and help achieve its objectives.” Mr Jignesh Shah, newly appointed Vice Chairman of DGCX and Managing Director of MCX added, “We welcome Mr Pochara on board the team and believe that his domain expertise and knowledge will drive the success of DGCX.” Mr. Pochara, who has served as Vice-President at India’s largest securities exchange - National Stock Exchange of India Ltd’s (NSE) - brings with him nearly two decades of experience in capital markets. An industry expert who has headed various market operations-related functions, he has also managed clearinghouse operations (physical settlements) with high turnover, listing, membership, arbitration and investor grievances departments. Mr. Pochara said: “I am honored to have the confidence and support of the Board of the DGCX and I look forward to developing DGCX into a world class exchange. Our strategy is to leverage our dynamic and diversified business model, as we seek growth opportunities in the marketplace. We will focus innovative product development, service and technology enhancements. ” Mr Pochara has actively participated as NSE representative on various committees formed by the Securities and Exchange Board of India (SEBI). He has used his vast experience to provide inputs to the regulators on various issues of market regulation. The DGCX has a vast wealth of experience in its Board of Directors led by newly appointed Chairman of the Exchange, Dr. David Rutledge, Acting CEO of DMCC, who has over 35 years of international experience and served many national and international exchanges in key management positions; Mr. Jignesh Shah, Vice-Chairman of DGCX and Managing Director of MCX and Chairman of FTIL, who is well-renowned for his financial acumen and functional expertise; Mr. Ahmed Bin Sulayem, COO of DMCC, who has spearheaded its success in the facilitation of Dubai’s commodities markets; Mr. Joseph Massey, Deputy Managing Director of MCX, who has played vital roles in handling stock and commodities exchanges in India; Mr. Colin Griffith, Executive Director of Gold and Precious Metals for DMCC, who has driven the implementation of Gold Sukuk dmcc; and Mr. Arshad Khan, a functional expert in exchanges and clearing systems who heads FTIL’s Corporate Communications and Strategic Relations division. Set to commence operations towards the end of 2005, the DGCX will initially list contracts in gold to be followed by silver. Plans to introduce products based on fuel oil, steel, and freight rates in 2006 are under way.