DGCX year-on-year growth tops 20% in March

The Dubai Gold and Commodities Exchange (DGCX) recorded 20.4 per cent year-on-year (Y-o-Y) growth in March, trading over 1.84 million contracts with a notional value of over $36.6 billion.

Average Daily Volumes (ADV) throughout the same month also increased, registering 87,995 contracts.

DGCX launched two new contracts, Aluminium Futures and Zinc Futures during the month. The products have been very well received by investors and tradeda combined total of 598 lots on their opening day.

Les Male, CEO of DGCX, said: “These new products were developed after close consultation with our members and market participants, and are the first Aluminium and Zinc Futures to be launched in the GCC. We are delighted they have received such a great response, as we grow regionally and expand internationally widening participation and increasing our member base. These contracts are particularly appealing to global clearers, metal producers and finance houses so we are confident that they will see significant growth in trading activity over the next few months.”

All trades in the new contracts are cleared by the DGCX's wholly-owned and regulated clearing house, the Dubai Commodities Clearing Corporation (DCCC), which is recognized by the European Securities and Markets Authority as a third-country central counter party.

“The consistent growth of our product suite and trading volumes is a key measure of our recent success, and comes as a direct result of our expanding member community. Moving forward, we will continue to focus on being a member-led exchange, introducing innovative products and solutions that meet the growing needs of our investors,” Male added.

The size of each Aluminium Futures and Zinc Futures contract is 5 metric tons (MT), denominated and traded in US dollars.- TradeArabia News Service