DGCX brings strong close to 2020, with numerous achievements

Total volume traded - 12.73 million lots

DGCX brings strong close to 2020, with numerous achievements
  • Total value traded – USD 320.69 billion
  • Average open interest – 220,504 lots,
  • Highest daily volume – 20 February 2020, 180,492 lots
  • Average daily volume – 48,971 lots
  • Highest trading month – March 1,800,708 lots
  • Exchange of the Year MENA 2020 at FOW Global Investor MENA 2020 for the third year in a row

Dubai: The Dubai Gold & Commodities Exchange (DGCX) today announced that it traded 12.73 million contracts in 2020, and recorded a yearly AOI of 220,504 contracts in 2020. Open interest refers to the total number of outstanding contracts at the end of the trading day and is a strong indicator of an exchange’s success.

Additionally, the best performing product in 2020 was DGCX’s AUD Futures Contract, which traded over 0.26 million contracts, up 4,694% year-on-year (Y-O-Y), with AOI up by over 3.8% over the same period.

During 2020,  the DGCX launched products that performed strongly; the Weekly INR-US Dollar (USD) Futures Contract as well as the launch of three FX Rolling Futures Contracts – Euro (EUR), Pound Sterling (GBP) and Australian Dollar (AUD) against the US Dollar (USD). Both products continue to display steady growth, which is testament to heightening demand.

Commenting on the year, Les Male, CEO of DGCX, said: “The pandemic presented disruption as well as challenges for many industries on a global scale. Against this backdrop, it is encouraging to note that not only did we keep the market open throughout 2020, but that we also extended trading hours for both the Indian Budget and US Elections in response to demand from our members and market participants. Moreover, we are also proud that we were able to successfully introduce new products that have performed exceptionally well in the marketplace, as well as build on our partnerships, and strengthen our overall capabilities.”

Notable Milestones

Earlier in the year, the DGCX received confirmation that Dubai Commodities Clearing Corporation (DCCC), a wholly-owned subsidiary of DGCX, was officially recognized as an SCA-licensed CCP in UAE, providing the opportunity to offer clearing and risk management services to other exchanges and market infrastructure providers. The DGCX was also listed as a Third Country Trading Venue that meets MiFID II/ MiFIR transparency criteria, reiterating the DGCX’s commitment to align with best-in-class international standards.  Additionally, the DGCX also signed agreements with Nasdaq and Cigniti technologies to upgrade its technology platform.

New products in the pipeline

Subject to regulatory approval, the DGCX Group will soon launch a 10-gram mini gold contract to complement its existing precious metal products, that also include the Shari’ah Gold contract, all of which continue to attract strong interest. The DGCX Group also aims to launch a Pakistani Rupee Contract, making it the first regulated exchange worldwide to list this product.

 “As we head into 2021, we are seeing market participants begin to regain confidence and becomes less risk averse following the conclusion of the US Elections and the Brexit negotiations, together with the potential for the resumption of normal Indian banking hours. Going forward, we remain focused on building our value proposition, by continuing to provide market users with the tools and hedging mechanisms to manage risk effectively, whilst at the same time seeking to expand our member base,” Male added.

The DGCX once again closed the year with industry plaudits, being awarded ‘Exchange of the Year – Middle East and Africa’ from the Future and Options World (FOW) Global Investor MENA 2020 for the third consecutive year. The award recognized the DGCX’s stellar performance as it broke numerous records for trading volume, notional growth and open interest.


About DGCX:

The Dubai Gold & Commodities Exchange (DGCX) is the region’s leading derivatives exchange and has played a pioneering role in developing the regional market for derivatives trading, clearing and settlement. 

The DGCX owns and operates the region’s largest and only multi-asset Clearing House – Dubai Commodities Clearing Corporation (DCCC). DGCX & DCCC are regulated by the Securities & Commodities Authority (SCA). It is recognised as a licensed Central Clearing-Counterparty (CCP) by SCA and a Third-Country CCP by European Securities Markets Authority (ESMA).

The DGCX’s strategic geographic location in Dubai between the Far East, Europe and Africa serves as a unique, global window for traders and investors. With over 100 members across the world, the DGCX drives liquidity in the market by offering a broad range of futures and options contracts covering base and precious metals – including the world’s only Shari’ah Compliant Spot Gold Contract – hydrocarbons, equities and currencies.

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