UNITED ARAB EMIRATES December 10 2015 8:05 AM
DUBAI (Scrap Register): As the Dubai Gold & Commodities Exchange (DGCX) celebrated its 10th anniversary on 21st November, stellar volumes proved to be indicative of the Exchange's success over the past decade.
The exchange recorded an overall monthly volume growth of 41% vs Nov 2014 and an incremental growth of 23% in volumes on Year-on-year basis. Strong Open Interest and diversified growth across its asset classes has contributed to this month's success with average daily open interest steadying at 96,011 contracts.
The newly launched 100 barrel WTI Mini contract has created significant traction and resulted in number of records for the contract, as both daily volumes (Increased by 95%) and open interest continued to grow and was up 108% month on month. Indian Rupee Options has continued to draw appeal from the market participants and is reflective in growth of 84% vs. Oct 2015.
November results continue to support DGCX's firm standing as the leading derivatives exchange in the Middle East. Responsible for creating a host of major milestones for the region, the Exchange began offering trading opportunities to financial communities and investment houses in both the Middle East and around the globe upon inception in 2005. It set the bar high when it launched the first precious metals derivatives contract in Gold in the same year, followed by the first emerging markets currency derivatives contracts in 2007 with the launch of the Indian rupee futures contract.
Product innovation is central to DGCX's strategy and it is along these lines that the exchange is scheduled to launch Spot Gold contract on 14th of December and also Chinese Yuan Futures on the 18th of December that will provide access to the Renminbi market for DGCX participants. With such projects accomplished and other promising ones in the pipeline, DGCX has truly positioned itself as a global trading powerhouse, contributing to UAE's economic development in its ten years of existence.