Dubai, 6 January 2009: The Middle East's leading derivatives exchange underlined its offering with a robust overall performance in 2008. The Dubai Gold & Commodities Exchange (DGCX)Dubai Gold & Commodities Exchange (DGCX) posted strong growth in precious metals, currencies and energy and diversified its portfolio by introducing innovative products into the Middle Eastern market.

The exchange recorded 26% year-on-year growth with 1.14 million contracts, valued at US $57.5 billion, traded in 2008. Average daily volume touched just over 4,500 contracts in 2008, an increase of 28% compared with 2007. Since inception in November 2005, over 2.6 million contracts have been traded with a value in excess of US $107 billion.

Last year, DGCXDGCX took steps not only to expand its portfolio, but also to review existing contracts as per the requirements of members. At the DGCXDGCX Annual General Meeting, held in Dubai last month, Ahmed bin Sulayem, Chairman, DGCXDGCX, outlined the Exchange's objectives and growth plans to expand the exchange further in 2009". He also emphasised that the core strength of DGCXDGCX lies in its understanding of customers' needs and its positioning as the exchange offering "the right products, in the right place and at the right time".

In May, the launch of West Texas Intermediate and Brent crude oil futures surpassed all previous DGCXDGCX product opening day volumes. In the month following the launch of crude oil futures, 36,500 contracts (US $4.9 billion) were transacted, making the crude oil launch the most successful ever for DGCXDGCX.

In October, the Indian Rupee futures contract - the world's first - was strengthened to reflect market developments and customer requests. The contract, which is now cash settled in US Dollars, remains the only Indian Rupee futures contracts accessible to international market participants.

July 2008 was the best month at DGCXDGCX since the exchange opened for trading in 2005, with 187,000 contracts (worth US $12 billion) and a new daily record of over 14,000 contracts. The increase in activity during the year was led by trading in futures on crude oil, currencies and precious metals.

Malcolm Wall Morris, Chief Executive Officer, DGCXDGCX, noted that volatile global markets and the tightening of credit have clearly altered the economic framework in which DGCXDGCX operates. "However, at the same time, the economic crisis has demonstrated the importance of transacting derivatives business via an exchange and clearing house in order to reduce counterparty credit risk. DGCXDGCX is uniquely positioned to meet this requirement by operating the Middle East's sole clearing house", he said.

-Ends-

About DGCXDGCX:
Dubai Gold and Commodities Exchange (DGCXDGCX) is a fully automated, online commodities exchange. Strategically located in Dubai, the exchange is the first international commodity derivatives marketplace in the time zone between Europe and the Far East. DGCXDGCX is an initiative of the Dubai Multi Commodities Centre (DMCC), Financial Technologies (India) Limited and Multi Commodity Exchange of India Limited (MCX).

Further Information:
Claire Miller
Head of Marketing
Tel: +971 (0)4 361 1625
Email: claire.miller@dgcx.ae

Freeda D'souza / Dhanya Isaac
Promoseven Weber Shandwick PR
Tel: +971 4 3210077
Email: freeda.dsouza@ws-mena.com; dhanya.issac@ws-mena.com

© Press Release 2009

 

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