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DGCX Records Highest Average Daily Volumes

DGCX Records Highest Average Daily Volumes

 

Total volumes on the Dubai Gold & Commodities Exchange (DGCX) this year hit 17,255,556 contracts at the end of September, with yearly Average Daily Volumes (ADV) at their highest ever, reaching 89,873 contracts per day.

The best performing asset class in September was the Indian Rupee (INR) product suite, which saw Rupee Mini Futures record its 2nd highest monthly Average Open Interest (AOI) of 110,020 contracts, and the Indian Rupee Quanto, which has traded 3,160,471 contracts year-to-date (Y-T-D), up 51% from 2017.

Trading in September was also underpinned by the Indian Single Stock Futures (SSF) and Shanghai Gold Futures (DSGC), which registered Y-T-D volume growth of 195% and 101% respectively.

Les Male, CEO of DGCX, commented:“The rising popularity of INR trading this month follows the continued depreciation of the rupee, which has seen investors turn to more regulated markets to hedge their exposure to the US dollar. The robust performance of our Rupee Mini Futures, in particular, is of note, with its increasing liquidity and depth of market, it is testament to the smaller sized contract’s ability to enable retail remitters, individual investors and SMEs to cost-effectively manage their currency risk.”

The DGCX is participating in the upcoming World Investor Week 2018 (WIW) from the 1-7 October 2018. WIW is a global campaign promoted by the International Organization of Securities Commissions (IOSCO) to raise awareness about the importance of investor education and protection and highlight the various initiatives of securities regulators in these two critical areas. DGCX will be participating in conjunction with the Securities and Commodities Authority (SCA) on numerous events throughout the week.

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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

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Record trading and Shari’ah partnership boosts DGCX

Record trading and Shari’ah partnership boosts DGCX

The Dubai Gold and Commodities Exchange (DGCX) has recorded its highest ever daily Indian Rupee (INR) volume, trading 126,055 contracts on August 13th. On the same day, the Exchange’s overall volume touched 185,630 contracts worth USD 4.17 billion, its second highest daily notional value since inception.

Amidst continued market volatility, the DGCX traded over 2.08 million contracts in August, a year-on-year (Y-O-Y) increase of 60%. The Exchange has so far recorded 45% year-to-date volume growth from 2017.

Les Male, CEO of DGCX, commented:“DGCX performed exceptionally well in August, registering a record daily INR volume and continuing to achieve outstanding growth over 2017. Last month was also marked by a significant milestone, as we took an important step forward to promote Islamic financial products by partnering with the Dubai Islamic Economy Development Centre (DIEDC). We are confident that the relationship will provide us with a platform to launch further Islamic financial instruments as we work diligently towards positioning Dubai as the hub of Islamic markets activity.”

The DGCX and DIEDC signed a Memorandum of Understanding (MoU) last month, agreeing to share knowledge, promote Shari’ah Compliant finance, and help foster Dubai as the global capital of Islamic economy. Under the MoU, DIEDC will work with DGCX to promote the Shari’ah Compliant Spot Gold contract, as well as any other Shari’ah Compliant commodity products subsequently developed by the Exchange.

DGCX’s robust month of trading in August was also underpinned by the Indian Rupee Quanto and Gold Quanto, which registered Year-on-Year (Y-O-Y) volume growth of 232% and 89% respectively.

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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

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DGCX and DIEDC Partner to Strengthen Dubai’s Islamic Finance Economy

DGCX and DIEDC Partner to Strengthen Dubai’s Islamic Finance Economy

Collaboration on promoting the trading of Shari’ah-compliant products

The Dubai Gold and Commodities Exchange (DGCX) and the Dubai Islamic Economy Development Centre (DIEDC) today signed a Memorandum of Understanding (MoU), agreeing to share knowledge, promote Shari’ah Compliant finance, and help foster Dubai as the global capital of Islamic economy.

Abdulla Mohammed Al Awar, CEO of DIEDC, and Les Male, CEO of DGCX, signed the agreement at the DIEDC offices at a ceremony attended by senior representatives from both sides.

Under the MoU, DIEDC will work with DGCX to promote the Shari’ah Compliant Spot Gold contract, as well as any other Shari’ah Compliant commodity product subsequently developed by the exchange to cater for the Islamic finance sector, while positioning Dubai as the hub of the Islamic economy.

Abdulla Mohammed Al Awar, CEO of DIEDC, said: “In line with our shared goal to transform Dubai into the global capital of Islamic economy, this partnership articulates the commitment of DIEDC to connect relevant stakeholders of the Islamic economy, and transfer knowledge about Islamic finance instruments, such as Shari’ah Compliant gold and commodity trading. Encouragingly, these instruments are witnessing a high uptake in servicing the growing Islamic finance sector.”

He added: “Furthermore, with the contribution of the Islamic economy to Dubai’s GDP increasing to 8.3 per cent in 2016, we now have a responsibility to boost the burgeoning non-oil sectors, in keeping with the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to further diversify the national economy and increase alternative revenue streams.”

Les Male, Chief Executive Officer of DGCX, added:“Following the recent launch of the GCC’s first and the world’s only Shari’ah Compliant Spot Gold contract, this partnership with DIEDC comes at an opportune time for the DGCX. Not only will it be a crucial building block towards introducing other successful Shari’ah compliant products on our trading platform, but it will also help shape the progressive role Dubai is playing in developing the Islamic finance sector as a whole.”

   

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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

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DGCX Records Highest Average Open Interest, Surpassing 300,000 Contracts for July

DGCX Records Highest Average Open Interest, Surpassing 300,000 Contracts for July

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.

   

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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

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DGCX Expands Collateral Basket in Partnership with Standard Chartered Bank

DGCX Expands Collateral Basket in Partnership with Standard Chartered Bank

 

(L-R) Motasim Iqbal, Head of Transaction Banking, Standard Chartered Bank, and Les Male, CEO of the DGCX

  The Dubai Gold and Commodities Exchange (DGCX) and its Central Counter Party (CCP) subsidiary, Dubai Commodities Clearing Corporation (DCCC), announced that clearing members can now deliver eligible global securities as collateral. To underpin the expansion of the collateral basket, Standard Chartered Bank will provide Custody Management Services on this additional form of collateral and will be responsible for safeguarding the assets. DCCC Clearing Members currently place collaterals against their margin of trading in the form of cash, bank guarantees, term deposits and Tradeflow Bullion Warrants, but will now also be able to use UK and US Government Treasury Bills, bonds, and other approved fixed income securities. The expanded collateral basket will help members efficiently utilize their financial resources and optimize financing costs. Les Male, CEO of the DGCX, commented: “We are delighted to partner with Standard Chartered Bank to expand our collateral basket. By allowing market participants to offset their margin obligations with global securities, we will increase clearing efficiencies and support further liquidity in the DGCX marketplace. The new offering will not only add value to clearing members further helping them to deploy their assets but will also provide additional security given its backing from one of the world’s most reputable banks.” Motasim Iqbal, Head of Transaction Banking, Standard Chartered Bank, UAE said: ”With our rich history of 60 years in the UAE, Standard Chartered is well positioned  to leverage its extensive global network and capabilities to ensure our client’s financial needs are catered to in an efficient and smooth manner.” DCCC operates as a Central Counter Party (CCP) offering fully integrated clearing and settlement services and collateralization of exchange-traded derivatives. DGCX/DCCC members and their clients benefit immensely from secured settlements and capital efficiency afforded to them via margin offsets and a wide range of collateral compared to any other CCPs in the region.  DCCC has handled DGCX’ clearing since inception without a single default and is recognized as a Third-Country CCP (T-CCP) by the European Securities and Markets Authority (ESMA), Abu Dhabi Global Markets (ADGM) and the Dubai Financial Services Authority (DFSA) amongst other overseas regulators.  

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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

Continue Reading