DGCX set for record $373bn contract trading in 2019
DUBAI, November 2, 2019
Dubai Gold and Commodities Exchange (DGCX) said it is on course to break last year’s annual volumes record of 22.3 million contracts traded, having already registered 20.3 million contracts this year, valued at $373 billion.
The region’s leading derivatives exchange, DGCX said last month it had traded 1.68 million contracts, and registered Average Daily Volumes (ADV) of 72,921, up 11.5% year-on-year (y-o-y).
Its success this year comes amidst continued global volatility and ongoing efforts to widen investor participation and enhance liquidity, said a statement from DGCX.
Last month, the Exchange built on this momentum and expanded its member community, listing RakBank as a new trade member.
Meanwhile, October’s trading was underpinned by the DGCX’s flagship Gold Futures product, which recorded y-o-y ADV growth of 377%, and year-to-date (y-t-d) total volume growth of 70% compared to the same period last year.
The DGCX’s INR Quanto Futures contract also performed strongly, registering substantial y-t-d total volume growth of 116% compared to the same period last year, while Brent Crude Oil Futures recorded y-t-d total volume growth of 38% compared to the same period last year.
On the key achievement, CEO Les Male said: "The DGCX’s strategic focus throughout 2019 has been on diversifying our product offering based on our market participants’ needs, and expanding our membership base both locally and globally."
"We have achieved remarkable success on both fronts so far this year, allowing us to strengthen our unique value proposition and break numerous records. We are looking forward to a strong finish to the year, and are confident we will see increased demand for our derivatives products on the back of continued global volatility," he added.
DGCX closed the month with Les Male being recognized by Forbes Middle East as the 11th ‘Top International CEO Heading a Local Company’, as well as winning the Global Exchange of the Year at the Burj CEO awards.
"These prestigious awards are a reflection of the DGCX Group’s hard work and collective success so far this year," observed Male.
"The entire team has worked diligently to ensure we remain the region’s leading derivatives Exchange and continuously deliver excellence, and these accolades strongly reaffirm their achievements," he added.-TradeArabia News Service
