DGCX welcomes RAKBANK to the exchange, supporting its expanding membership community

Business

DGCX welcomes RAKBANK to the exchange, supporting its expanding membership community

Dubai Gold and Commodity Exchange (DGCX) today announced that it RAKBANK has been listed as the new trading member of the transaction. The move supports DGCX's fast-growing membership community and highlights the growing interest from large, regional-based financial institutions to access exchange for hedging and investment opportunities.

RAKBANK is one of the most dynamic banks in the United Arab Emirates, with total assets reaching AED 57.3 billion as of June 30, 2019, and recently completed its first trading in DGCX on October 10, DGCX's IN-Dollar Futures Agreement (DINR).

Les Male, CEO of DGCX, commented: We are proud to welcome RAKBANK to the DGCX as one of our valued business members, building the momentum of our expanding community. We are pleased to strengthen this relationship that was first developed in 2017 and look forward to their active participation as we further enhance the liquidity of our derivatives market. As we approach the end of this year, we will try to strengthen cooperation with other local investors and provide them with tools to enhance their ability to protect and grow their portfolios.

In April this year, DGCX announced that it was planning to launch a mini-gold futures joint venture with RAKBANK, offering investors the opportunity to trade gold in smaller segments. The deal will be specified in 10 gram units so that customers from across the region can buy gold easily and securely through the DGCX platform.

Vikas Suri, Managing Director-Treasury, said: We are happy to join the DGCX as a trading member and gain access to a wide variety of risk-management and investment tools offered by Exchange. The DGCX is a proven highly liquid derivatives market with a strong regulatory framework and its own clearing house, providing a secure trading and settlement environment. RAKBANK is very reliant on our membership with DGCX, as it will add great value to our business and improve our bullion portfolio.

In the third quarter of 2019, the DGCX traded 7.98 million contracts worth USD $133 billion, to recording its best quarter since inception. The DGCX currently offers contracts in four product portfolios: Currencies; Equities; Hydrocarbons; and metals.