Over 20 million contracts valued at USD 373 billion traded on the DGCX so far this year
The Dubai Gold and Commodity Exchange (DGCX) broke an annual volume of 22.3 million contracts last year and has already traded 20.3 million contracts this year, valued at US $ 373 billion. Last month, the DGCX traded 1.68 million contracts and recorded an Average Daily Volume (ADV) of 72,921, up 11.5% year-on-year(Y-O-Y).
DGCXs success this year comes amidst continued global volatility and continued efforts to expand investor participation and enhance liquidity. Last month, the DGCX built on this momentum and expanded its member community, listing RAKBANK as a new Trade Member. Meanwhile, Octobers trading was backed by the DGCXs 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 DGCXs 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.
CEO of DGCX, Les Male, commented: The DGCXs strategic focus throughout 2019 has been on diversifying our product offering based on the needs of our market participants and expanding our membership base both locally and globally. We have achieved significant success on both fronts so far this year, which allows us to strengthen our unique value proposition and break numerous records. We are looking forward to a strong finish to the year, and hope to see an increase in demand for our derivatives products on the back of continued global volatility.
DGCX closed the month, Les Male being recognized by Forbes Middle East as the 11th Top International CEO Heading a Local Company, and won the Global Exchange of the Year at the Burj CEO awards.
These prestigious awards are a reflection of the hard work and collective success of DGCX Group's so far this year. The entire team has worked diligently to ensure that we remain the leading derivatives Exchange in the region and continue to deliver excellence, and these accolades strongly reinforce their achievements. Male added.
