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Online Bank Account System for Commodities Trading Launched
DUBAI — JRG International, a Dubai-based commodity brokerage, on Tuesday launched a new online bank account system for commodity traders that will enable customers to see each step in a sale or purchase and monitor all movements of funds to and from their banks.
The “Client Segregated Bank Account System” is being made available to global investors by JRG International with its settlement bank, Emirates NBD.Hazza bin Mohammed Yahya Mohammed Al Dahmi, Chairman and Managing Director of JRG International, said the new account system would allow investors visibility on their fund movements and offer them a way to view transactions in real time.
Al Dahmi told a news conference on Monday night that “the path-breaking innovation” came at the right time when there was “a hue and cry” from the investor community the world over for better transparency and best-in-class investment solutions.
The new system will bring openness to local, regional and global commodities traders on the Dubai Gold and Commodities Exchange, or DGCX, in compliance with international standards, he said. JRG International is a trading and clearing member of the DGCX. Ahmed bin Sulayem, Executive Chairman of Dubai Multi Commodities Centre, or DMCC, described the new system as a significant value innovation in the world of online trading.
“This will address imperative concerns such as transparency at this time of the global economic cycle. It will also enhance the reputation of Dubai’s commodity trading industry among regional and international audiences,” he said.
Under the new system, daily trading transactions are directly debited from or credited to clients’ bank accounts. The funds will not be used for any purpose other than a customer’s own trades. It is only on the instruction of the clients that JRG can transfer the funds to the Dubai Gold and Commodities Exchange settlement account, said Sajith Kumar, Director and Chief Executive Officer of
JRG International.
“The biggest concern for any investor is the safety of their funds lying with the broker and the inability to access their bank accounts online. Our system gives investors access to their bank accounts 24/7,” Kumar said.
He claimed that it was “an exclusive facility” unavailable at other brokerages. “Given the growth and popularity of online trading there have been fears of manipulation and fraud,” added JRG Director Babu Lonappan.
“Customer complaints have increased significantly, and it is always the small retail investor who gets crushed. The reason has been lack of transparency, and this is the area that JRG wishes to bridge through the system.” — issacjohn@khaleejtimes.com
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