Building on a record-breaking first half of the year, the Dubai Gold and Commodities Exchange (DGCX) has begun H2 strongly, recording an Average Open Interest (AOI) of 323,477 contracts in July, bringing the AOI for 2018 to an all-time high of 304,398 contracts, up 29% from 2017. The overall volumes for the month touched 1,894,155 contracts with a value of USD 38.49 billion, a year-on-year (Y-O-Y) increase of 36%.
 
The best performing asset classes for July were the Shanghai Gold Futures and Chinese Yuan Futures, registering month-on-month (M-O-M) volume growth of 71% and 64% respectively. The rising demand for China-centric products comes at a time when ties between the UAE and China have strengthened after the recent state visit of the president of China, Xi Jinping. Dubai India Gold was another notable performer for the month, recording a 99% increase in Y-O-Y growth.
 
Les Male, CEO of DGCX, commented: “Following an outstanding H1 performance, we had a number of significant achievements in July, ranging from our exceptional Open Interest performance to expanding our collateral basket in partnership with Standard Chartered Bank. Open Interest is a true measure of an Exchange’s success, and our records this month are a reflection of the robustness of our trading platform. We are delighted to have entered the second half of the year so positively, and our focus over the next few months will be to introduce more innovative products and expand our member base both locally and internationally.”
 
The DGCX and its Central Counter Party (CCP) subsidiary, Dubai Commodities Clearing Corporation (DCCC), announced earlier in July that it is in the process of allowing clearing members to deliver eligible global securities as collateral. Underpinning the expansion of the collateral basket, Standard Chartered Bank is providing Custody Management Services on this additional form of collateral and is responsible for safeguarding the assets.
 
The Indian Rupee (INR) products and the G6 Currency Futures also continued their strong growth trajectory in July. INR volumes increased by 34% Y-O-Y, while volumes in G6 Futures grew 80% Y-T-D.
 
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 200 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 80 clearers from across the globe. For more information: www.dccc.co.ae
 
Further Information:
Jonathan Fisher
Weber Shandwick PR
Tel: +971 (0) 4 445 4222
Email: JFisher@webershandwick.com

© Press Release 2018

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.