Gaurang Desai is stepping down as CEO of the DGCX

Gaurang Desai is stepping down as CEO of the DGCX

Gaurang Desai is stepping down as Chief Executive Officer of the Dubai Gold and Commodities Exchange (DGCX) effective 18th February to pursue the next chapter of his career.

Starting as Head of Operations in 2005, Gaurang was promoted to Chief Operating Officer in 2008 and assumed the role of Chief Executive Officer in 2015.

During his 12 years tenure at DGCX, Gaurang was responsible for introducing several technology and product innovations which saw the Exchange deliver a record 17.4 million contracts with an underlying value of over US$ 400 billion in 2017. We take this opportunity to thank Gaurang for his contributions and wish him every success as he transitions into the next phase of his career.

Formerly at Nasdaq, Les Male will assume the role as Chief Executive Officer with immediate effect. Les brings with him over 25 years of international and diversified experience in the Exchange and Clearing Commodities trading sector.

-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 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:

Meng Chan Shu

Director of Business Development and Sales

Dubai Gold and Commodities Exchange

Tel: +971 4 361 1660

Email: meng.shu@dgcx.ae

or

Dhanya Issac/Lara Batato

Weber Shandwick PRs

Tel: +971 4 445 4222

Email: dissac@webershandwick.com or lbatato@webershandwick.com

Continue Reading

DGCX Approves ZagTrader as an Independent Software Vendor

DGCX Approves ZagTrader as an Independent Software Vendor

Dubai, February 13, 2018: Dubai Gold & Commodities Exchange (DGCX), the region’s largest and most diversified derivatives bourse, has formally announced today its newest approved Independent Software Vendor (ISV) – ZagTrader.

ZagTrader, a Dubai-based technology company specializing in Banking and Capital Markets solutions, has always been at the forefront of the industry in its commitment to offering cutting-edge technology and new venues to enhance its platform. The ZagTrader platform is an integrated end to end platform for asset, wealth and portfolio management with automated workflows, real-time accounting and generates NAV in real-time as well as enhanced drill down reporting covering Front – Middle – Back Office functions. This gives ZagTrader’s clients access to over USD 1.5 billion in daily liquidity across four product suits and over forty-five (45) products.

As part of the ZagTrader’s services, the DGCX market will be available to all of its existing clients with full access to all of its new features, adding to its growing list of empaneled Exchanges in the UAE, including NASDAQ Dubai, Dubai Financial Market (DFM), and Abu Dhabi Securities Exchange (ADX). As well as many other exchanges worldwide offering the capability to trade on various instruments such as Futures, Equities, CFD’s, ETF’s, Options, funds, and new Crypto digital assets.

Gaurang Desai, Chief Executive Officer at the DGCX said: “With ZagTrader joining our list of ISVs, we will be able to further expand our footprint within the UAE and the wider GCC region. This will not only add an exciting layer of option for ZagTrader customers but also ensure that the ecosystem within the GCC becomes more close-knit. We are confident that this development will enable more regional players to access DGCX products and trade on the region’s largest derivatives bourse.”

Shihab Khalil, Founder and CEO said “We at ZagTrader are always on the lookout to grow our product portfolio and introduce new innovative products. Empaneling ZagTrader with the largest derivatives exchange in the region will generate new and diversified markets for our clients, providing them with more flexibility in the products we offer.”

ZagTrader manages the entire lifecycle from portfolio and order management through to trade execution, market making, as well as position and risk management through to securities processing, clearing and settlement for equities, fixed income, FX, commodities, interest rates, credit and structured products (listed and OTC derivatives).

-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 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:

Meng Chan Shu

Director of Business Development and Sales

Dubai Gold and Commodities Exchange

Tel: +971 4 361 1660

Email: meng.shu@dgcx.ae

or

Dhanya Issac/Lara Batato

Weber Shandwick PRs

Tel: +971 4 445 4222

Email: dissac@webershandwick.com or lbatato@webershandwick.com

Continue Reading

DGCX Reports Strong Start to the Year with Record January Volume

DGCX Reports Strong Start to the Year with Record January Volume

Dubai Gold and Commodities Exchange (DGCX), the largest and most diversified derivatives bourse in the Middle East, began 2018 on a positive note by recording its best January in volumes and value ever, growing 40% from last year with 1,909,488 lots traded, valued at USD 47 billion (AED 172.6 billion). The main drivers of this strong trading month were the Indian Rupee, G6 currency pairs and the Indian Single Stock Futures (SSF) with the BSE Sensex Futures.

Growing volumes in DGCX Indian SSF contracts following the launch of an additional 44 blue-chip stocks is a direct result of the Exchange meeting the needs of global participants to access Indian markets in an efficient and secure manner. DGCX’s Indian SSF products enables local and international investors to trade and participate in the performance of numerous blue-chip Indian stocks that fall within the major indices in India. This has also helped boost the performance in the BSE Sensex Futures, which has seen volume growth of over 120% and Open Interest increase by 312% since January 2017.

In the currency segment, the G6 currencies started the year by setting the benchmark high for 2018, growing 133% year-on-year, while Chinese Yuan futures witnessed a substantial increase of 721% year-on-year.

Gaurang Desai, CEO of the DGCX, commented on this year’s promising start: “To begin the year with a such a strong month is extremely encouraging. The growth in volumes and Open Interest in many of our contracts attest to a growing marketplace and confidence in the Exchange. As we further consolidate our position as the largest and most diversified bourse in the Middle East, we remain committed to growing our product portfolio to provide our members and participants with a diverse range of hedging options on our platform.

-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 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:

Meng Chan Shu

Director of Business Development and Sales

Dubai Gold and Commodities Exchange

Tel: +971 4 361 1660

Email: meng.shu@dgcx.ae

or

Dhanya Issac/Lara Batato

Weber Shandwick PRs

Tel: +971 4 445 4222

Email: dissac@webershandwick.com or lbatato@webershandwick.com

Continue Reading

DGCX Closes 2017 with Numerous Achievements

DGCX Closes 2017 with Numerous Achievements

2017 Volume Highlights
  • Total Volume traded in 2017 – 17,439,658 lots
  • Total Value traded in 2017 – USD 404.7 Billion
  • Highest Daily Volume of 2017 – 27th September 2017, 202,571 lots
  • Highest trading month of 2017 – November, 2,078,754 lots
  • Best performing asset class/product of 2017 – G6 Currencies up 85%
  • New products launched in 2017 – Shanghai Gold, Calendar Spreads, Additional Indian SSF
    1. DGCX Shanghai Gold future – traded 34,518 contracts
    2. Calendar Spreads – Traded 1,658,019 contracts
    3. 54 Indian SSF – traded 1,353,725 contracts
 

Dubai, January 02, 2018: 2017 was exceptional on many fronts for the region’s largest and most diversified derivatives bourse, DMCC’s Dubai Gold and Commodities Exchange (DGCX). Throughout 2017, DGCX recorded new trading highs, launched unique and innovative products and product-related initiatives, grew its strategic partnerships, received regulatory recognitions and industry plaudits too.

 

2017 – A Balanced Blend of Achievements for DGCX

In 2017, the DGCX, with its reputation as an industry innovator launched the first-ever offshore Chinese-linked gold derivative in international markets. The listing of Shanghai Gold Futures (DSGC) on the DGCX platform attracted interest and participation from traders worldwide. Since its listing on March 10th, 2017, the product has seen steady growth in volumes and has traded over 34,518 lots. Further to this, the listing of additional calendar spreads on key products has increased confidence in the marketplace. To cap an eventful year, the Exchange launched an additional 44 blue-chip Indian Single Stock Futures (SSF), bringing the total to 54, further expanding its Equities product portfolio.

On the regulatory front, DGCX achieved two key milestones. The first milestone was when the Dubai Commodities Clearing Corporation (DCCC), a wholly owned subsidiary of DGCX, received recognition as a Third-Country CCP (TC-CCP) by the European Securities and Markets Authority (ESMA). This regulatory upgrade opened-up access to European banks to clear DGCX trades without incurring any additional capital requirements as imposed by EU Regulations on their exposure to the DCCC. This was closely followed by both DGCX and DCCC obtaining approval from the Financial Services Regulatory Authority (FSRA), the regulatory authority for the Abu Dhabi Global Market (ADGM), to operate as a remote Exchange and Clearing House. This recognition enabled ADGM domiciled companies to access DGCX’s trading and clearing platforms. While both these initiatives highlight the strength and diversity of DGCX’s capabilities, it also reiterates the Exchange’s deeper involvement in developing the regional commodity and derivative markets.

In addition, DGCX also enhanced its risk management capabilities and grew its strategic partnerships, as the Exchange focused its efforts on reinforcing its presence in the MENA region. Development in this area was marked with Abu Dhabi Securities Exchange (ADX) and DGCX signing an MOU to collaborate on creating a unified national clearing house in the UAE. While also signing agreements with both RAKBANK and the Ayedh Bin Dejem Group of Saudi Arabia to cooperate on two Gold related products.

Taking into account the progression and several achievements over the year, DGCX was awarded ‘Exchange of the Year’ by the Futures Options World (FOW) at the Global Investor MENA Awards 2017.

Gaurang Desai, CEO of DGCX, commented on the year gone by, stating: “From our achievements in 2017, it is clear we have made progress on all fronts. I believe 2017 was truly a noteworthy year in the history of DGCX, it was more like a coming-of-age experience for the DGCX. Last year, we not only evolved as an Exchange but continued to push the envelope with our efforts and innovation-led approach, which resulted in us achieving our goals as well as setting new ones. Our strategy for 2018 is to keep progressing, moving forward with our goals while continuing to hold innovation at the core of what we do. Similar to last year, our focus will remain on expanding our asset class verticals, growing our member base, increasing our partnerships, strengthening our capabilities, and paving the way for more accolades and regulatory recognition.”

 

New products in the pipeline

In 2017, the Exchange announced plans for its first foray into the Islamic Finance sector with the launch of a Sharia Spot Gold contract. “We have already earmarked a launch date for our imminent Sharia Gold product, which will be announced in due course. The launch of the Sharia gold product is of utmost significance to us because a product of this kind is uncommon in the derivatives industry and we want to make sure that we do it right, and all efforts have been put in place to ensure that outcome,” said Gaurang.

 

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 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:

Meng Chan Shu

Director of Business Development and Sales

Dubai Gold and Commodities Exchange

Tel: +971 4 361 1660

Email: meng.shu@dgcx.ae

or

Dhanya Issac/Lara Batato

Weber Shandwick PRs

Tel: +971 4 445 4222

Email: dissac@webershandwick.com or lbatato@webershandwick.com

Continue Reading

DGCX celebrates 12th Anniversary with Launch of Additional SSFs and Exchange of the Year Recognition

DGCX celebrates 12th Anniversary with Launch of Additional SSFs and Exchange of the Year Recognition

    • DGCX records highest ever monthly volume of 2,078,754 contracts and highest ever Average Daily Volume of 94,489 in November 2017
    • DGCX recognized as the ‘Exchange of the Year’ by FOW Global Investor MENA Awards
    • The Exchange to list 44 blue-chip Indian SSF and expand its equities portfolio

Dubai, December 3, 2017: The Dubai Gold & Commodities Exchange (DGCX), the region’s largest and most diverse derivatives bourse, celebrated its 12th anniversary and ended November on a successful note. The Exchange announced earlier in November that it had received the regulatory approval to launch an additional 44 blue-chip Indian Single Stock Futures (SSF) which will see DGCX expanding its Equities asset class vertical. Furthermore, DGCX was awarded ‘Exchange of the Year’ by the Futures Options World (FOW) Global Investor MENA Awards 2017.

On the volumes front, DGCX recorded the highest ever monthly volume of 2,078,754 contracts, and the highest ever Average Daily Volume of 94,489 contracts in November 2017.  The Exchange’s G6 Currencies portfolio set various new records with growth up 233% year-on-year and Open Interest (OI) up 428% over the same time frame. Specifically, the Euro, Yen and GBP were the main drivers. The strength and growth witnessed across the G6 currency pairs highlight that traders and investors are increasingly relying on DGCX currency derivatives to protect themselves from market instability and price fluctuations from financial and geopolitical uncertainties.

In the precious metals segment, Dubai India Gold and the DGCX Shanghai Gold performed remarkably well, clocking up monthly Average Daily Volume growth of 92% and 41% respectively.

Additionally, the BSE Sensex contract, recorded its highest Average Open Interest of 2,179 contracts, benefitting from increased hedging activity against Indian SSFs. This is linked to the recent announcement of the launch of the 44 new contracts – which will cover all the components of the Nifty 50, the other of the two most notable Indices in India.

Gaurang Desai, Chief Executive Officer of the DGCX, commented on November’s performance: “We’ve had number of significant achievements this month, ranging from an industry accolade to specific contracts recording robust volume growth, all of which highlight DGCX’s strong position in the regional and international derivatives space.

As we celebrate the Exchange’s 12th year anniversary, we are immensely proud of all our accomplishments this year – most notably, the ESMA recognition of our CCP, launch of DGCX Shanghai Gold futures, and the upcoming listing of additional blue-chip Indian SSF’s. The feather in the cap, of course, was our most recent win at the FOW Global Investor Awards, where DGCX was recognized as the ‘Exchange of the Year’ amongst peers and the wider derivatives industry.”

“We at the DGCX are treading an exciting and innovative path, and we are upbeat about our future product initiatives and confident about the growth trajectory of our existing contracts,” added Desai.

The DGCX is set to officially list the new 44 Indian SSF on December 8th, which will provide investors access to trade blue-chip Indian stocks from the region’s largest and most diversified derivatives bourse. Furthermore, this is expected to drive increased participation in the DGCX marketplace. The WTI and Brent calendar spreads have also begun live trading this month and likely to show promising returns as the year comes to a close.

 

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 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 90 clearers from across the globe. For more information: www.dccc.co.ae

Further Information:

Meng Chan Shu

Director of Business Development and Sales

Dubai Gold and Commodities Exchange

Tel: +971 4 361 1660

Email: meng.shu@dgcx.ae

or

Dhanya Issac/Lara Batato

Weber Shandwick PRs

Tel: +971 4 445 4222

Email: lbatato@webershandwick.com or lbatato@webershandwick.com

Continue Reading