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.
David Knott, Chief Executive of the DFSA, said:
“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 Dubai Financial Services Authority (DFSA) is an independent, integrated regulatory authority responsible for the regulation of all financial and ancillary services conducted in or from the Dubai International Financial Centre (DIFC), including asset management, banking, securities trading, Islamic finance, re-insurance, and an international financial exchange. The DFSA has been created using principle-based primary legislation modelled closely on that used in London and New York, and the DFSA regulatory regime operates to standards that meet or exceed those applying in the world's major financial centres.
The DFSA is a central component of the DIFC, a new financial centre established to position Dubai as a recognised hub for institutional finance, and the regional gateway for capital and investment to the Middle East.
The DFSA entered into an MoU with BaFin on 30 November 2006. BaFin is the Federal Financial Supervisory Authority of Germany responsible for ensuring that appropriate standards are adhered to by participants of exchanges in that jurisdiction.
Mr. David Knott was appointed Chief Executive of the DFSA on June 1, 2005. He is a former Chairman of the Australian Securities and Investment Commission (ASIC) and was Chairman of the Technical Committee of the International Organisation of Securities Commissions (IOSCO).
Eurex Deutschland is a futures and options exchange operated by Eurex Frankfurt AG (EFAG) through an electronic trading and clearing platform. Eurex Deutschland is the world’s largest futures and options exchange and has participants connected from about 700 locations around the world.
In May 1998, Eurex Frankfurt AG was approved by the German Exchange Supervisory Authority to operate Eurex Deutschland as an exchange under the Exchange Act. www.eurexchange.com.
