R-Money starts trading on Dubai comex

Reliance Money on Wednesday forayed into commodities by launching its trading operations on the Dubai Gold & Commodities Exchange (DGCX).

The financial services and distribution arm of the Anil Ambani Group registered its wholly owned subsidiary Reliance Commodities DMCC in UAE to offer commodity and currency trading facilities on the DGCX to the NRIs and Indian customers.

"We want to offer cost-effective hedging options in gold, silver, fuel oil and currencies to the NRIs and Indian customers through this membership. We are targeting nearly one lakh customers by the end of this calender year," said Sudip Bandyopadhayay, director and CEO of Reliance Money.

DGCX's location in Dubai fits the critical time zone between the European and Far Eastern market. Its trading hours are between 8:30 am to 11:30 pm, which covers various time zones across the world.

"Our market hours are very wide and open for all markets to access our products. We are exploring the possibility of expanding the list of commodities on which futures contracts could be offered," said Malcolm Wall Morris, chief executive officer, DGCX.

(The correspondent's visit to Dubai was sponsored by Reliance Money)