Dubai picks Pochara to head commodities exchange

Pochara spent 19 years at NSE, rising to the post of vice-president in charge of investor grievances, arbitration and listing. He joins the Dubai management team led by chairman David Rutledge.

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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