Dubai: The Dubai Gold and Commodities Exchange (DGCX) today announced that RAKBANK has been listed as a new Trade Member of the Exchange. The move underpins DGCX’s rapidly growing member community, and highlights the mounting interest from large, regionally based financial institutions to access the Exchange for hedging and investment opportunities.

RAKBANK is one of the most dynamic banks in the UAE, with its Total Assets reaching AED 57.3 billion as of June 30 2019, recently executed its first trade on the DGCX on 10th October, in the DGCX’s INR-Dollar Futures contract (DINR).

Les Male, CEO of DGCX, commented: “Building on the momentum of our expanding community, we are proud to welcome RAKBANK to the DGCX as one of our valued Trade Members. We are delighted to reinforce this relationship, which was first forged in 2017, and look forward to their active participation as we further enhance the liquidity of our derivatives market. As we approach the end of the year, we will seek to strengthen collaboration with other local investors, providing tools that improve their ability to protect and grow their portfolios.”

In April of this year, the DGCX also announced that it plans to launch a Mini-Gold Futures product in partnership with RAKBANK, offering investors the chance to trade gold in smaller denominations. The contract will be denominated in 10 gram units, allowing customers from across the region to buy gold simply and securely through the DGCX platform

Vikas Suri, Managing Director-Treasury, said: “We are excited to join the DGCX as a Trade Member and gain access to the diverse range of risk-management and investment tools offered by the Exchange. The DGCX is a proven highly liquid derivatives market with a robust regulatory framework and its own clearing house, which provides a secure trading and settlement environment. RAKBANK is extremely confident in our membership with DGCX as it will add great value to our business and enhance our bullion portfolio.”

In the third quarter of 2019, the DGCX traded over 7.98 million contracts valued at over USD 133 billion, to register its best quarter since inception. The DGCX currently offers contracts across four product portfolios: Currencies; Equities; Hydrocarbons; and Metals.

-Ends-

About DGCX: Established in 2005, DGCX is the region’s leading derivatives exchange and the only one allowing global participants to trade, clear and settle transactions within the Gulf region. The Exchange has played a pioneering role in developing the regional market for derivatives and financial infrastructure. DGCX is an electronic commodity and currency derivatives exchange with over 175 members from across the globe, offering futures and options contracts covering the precious metals, energy, equities and currency sectors.  DGCX is a subsidiary of DMCC (Dubai Multi Commodities Centre), a Dubai Government Authority for trade, enterprise and commodities. For more information: www.dgcx.ae 

DGCX also owns and operates the region’s largest and only multi-asset Clearing House – Dubai Commodities Clearing Corporation (DCCC). DCCC is federally regulated by the Securities & Commodities Authority (SCA) and is recognized as a Third-Country CCP by European Securities Markets Authority (ESMA) with over 60 clearers from across the globe. For more information: www.dccc.co.ae 

For further information, please contact:
Jonathan Fisher
Weber Shandwick PR
Tel: +971 (0) 4 445 4222
Email: JFisher@webershandwick.com

About RAKBANK             

RAKBANK, also known as The National Bank of Ras Al Khaimah (P.S.C), is one of the UAE’s most dynamic financial institutions. Founded in 1976, it underwent a major transformation in 2001 as it rebranded into RAKBANK and shifted its focus from purely corporate to retail and small business banking. In addition to offering a wide range of Personal Banking services, the Bank increased its lending in the traditional SME, Commercial, and Corporate segment in recent years. The Bank also offers Islamic Banking solutions, via RAKislamic, throughout its 36 branches and its Telephone and Digital Banking channels. RAKBANK is a public joint stock company headquartered in the emirate of Ras Al Khaimah and listed on the Abu Dhabi Securities Exchange (ADX). For more information, please visit www.rakbank.ae or contact the Call Centre on +9714 213 0000. Alternatively, you can connect with RAKBANK via twitter.com/rakbanklive  and facebook.com/rakbank . 

© Press Release 2019

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.