DGCX Selects Cigniti Technologies as Strategic Quality Assurance Service Provider

Distributed by Business Wire
10th December 2020

DALLAS–(BUSINESS WIRE)–#Cigniti–The Dubai Gold and Commodities Exchange (DGCX) has selected Cigniti Technologies – a global leader in independent quality engineering and software testing services – as its strategic Quality Assurance service provider as the Exchange seeks to upgrade its technology platform.

Cigniti will provide the DGCX Group with quality testing on a number of marketplace solutions that will replace applications currently used by DGCX. This will include functions such as real-time trading and clearing, pre-trade risk management, market intelligence, surveillance and quality assurance.

Cigniti’s testing services will enable the DGCX Group to ‘acceptance test’ the applications – covering both functional and non-functional testing – and reduce the amount of overall time and effort expended on testing.

Speaking on this occasion, Srikanth Chakkilam, CEO at Cigniti Technologies, said: “We are excited to partner with the UAE region’s largest commodity derivatives exchange – DGCX. This would further strengthen our position in the financial services market. The capital markets are based on real-time data and are increasingly complex. The introduction of digital technologies has brought in advanced practices and further encouraged new segment of investors and traders. Convenience, speed, reliability, security and efficiency are key to create a transparent and open environment. This requires an end-to-end testing of digital applications for the better performance and user experience.”

Les Male, CEO at DGCX Group, said: “Innovative digital solutions form a key part of the DGCX’s efforts to maintain operational excellence and continue to deliver unparalleled efficiencies. Nowhere is this more evident than in our technology agreement with Nasdaq Market Technology, which is ultimately aimed at enabling us to provide our members as well as their clients with increasingly sophisticated levels of service performance. Our most recent announcement of Cigniti as our strategic quality assurance provider reinforces these efforts. We are confident that these agreements and subsequent testing will ultimately provide an improved user experience for our members, which are at the heart of every decision that we make.”

Cigniti’s dedicated FinTech Domain Competency Group concentrates on testing complex real-time digital applications. Cigniti’s 90+ BFS clients include 3 Fortune 500 banks and is led by more than 300 domain and technology experts.

With these partnerships, DGCX continues to be the leading commodities derivatives exchange in the Middle East, serving both the Middle Eastern and the global capital markets.

About Cigniti:

Cigniti Technologies is a Global Leader in Independent Quality Engineering & Software Testing services. Cigniti’s 2,500+ experienced professionals are spread across UAE, USA, UK, Australia, Canada, India, and South Africa. We are a strategic quality engineering partner for leading global organizations and assist them in accelerating time-to-market by predicting and preventing unanticipated failures, leveraging AI-driven, proprietary Continuous Testing & Test Automation solutions, with customer-centricity at the core of the transformation. Our test offerings are Quality Engineering, Advisory & Transformation, Digital Assurance, and Quality Assurance solutions.

About DGCX:

The Dubai Gold & Commodities Exchange (DGCX) is the region’s leading derivatives exchange and has played a pioneering role in developing the regional market for derivatives trading, clearing and settlement.

The DGCX owns and operates the region’s largest and only multi-asset Clearing House – Dubai Commodities Clearing Corporation (DCCC). DGCX & DCCC are regulated by the Securities & Commodities Authority (SCA). It is recognised as a licensed Central Clearing-Counterparty (CCP) by SCA and a Third-Country CCP by European Securities Markets Authority (ESMA).

The DGCX’s strategic geographic location in Dubai between the Far East, Europe and Africa serves as a unique, global window for traders and investors. With over 100 members across the world, the DGCX drives liquidity in the market by offering a broad range of futures and options contracts covering base and precious metals – including the world’s only Shari’ah Compliant Spot Gold Contract – hydrocarbons, equities and currencies.