Which regulatory authority oversees the operations of FGX in the UAE?

The Central Bank of the UAE serves as the primary regulatory authority overseeing the operations of First Gulf Exchange (FGX) in the UAE. As the central regulatory body for the financial sector, the Central Bank is tasked with ensuring the stability and integrity of the banking and financial systems in the country. It establishes regulations that govern foreign exchange activities, monitor compliance with laws, and protect the interests of consumers and investors in the financial markets.

FGX, being a foreign exchange platform, falls under the jurisdiction of the Central Bank, which is responsible for implementing monetary policy, issuing currency, and overseeing financial institutions and exchanges. This regulatory oversight is crucial for maintaining the credibility and safety of trading environments, fostering confidence among participants in the foreign exchange market.

Other entities, such as the UAE Securities and Commodities Authority, focus on the securities markets rather than foreign exchange specifically, while the Ministry of Finance does not have direct oversight over exchange operations. Thus, the role of the Central Bank is central and pivotal in ensuring FGX operates within the legal and regulatory framework of the UAE.