DGCX Reports Record Monthly Volumes as Shari’ah Spot Gold Continues to Shine
The Dubai Gold and Commodities Exchange (DGCX) witnessed its best month ever, recording volume of 2,163,598 lots valued at over USD 46.11 billion. Throughout May an average of 94,069 contracts traded per day showing year-on-year (YOY) growth of 51%. The world’s only exchange-traded Shari’ah Compliant Spot Gold contract (DGSG) also continued to shine, with over 488 kilograms of gold worth USD 20.72 million executed since its listing on DGCX on March 29th.
The Exchange has traded over 9.3m contracts so far this year, up 39% from last year, with notional value exceeding USD 210 billion. The best performers in May were the Indian Rupee product suite, which saw Rupee Mini Futures record its highest Average Open Interest (AOI) of 108,986 contracts, and the G6 currency pairs, which saw Euro Futures record its highest monthly volume since November 2012 with 60,394 contracts and recording its highest AOI of 2,659
Les Male, CEO of the DGCX, commented: “The DGCX has enjoyed another record month of trading led by solid growth in volumes and value. Our recently launched Shari’ah Compliant Spot Gold contract also witnessed strong growth momentum which is reflective of its increasing appeal among investors and traders. Our G6 currency portfolio performed particularly well, with the foreign exchange market as a whole witnessing volatility on the back of the US dollar’s unexpected surge as well as global trade discussions. We are looking forward to further growth in activity over the rest of the year, especially in light of our upgraded clearing and trading infrastructure.”
DGCX last month upgraded its integrated trading and clearing solution from Cinnober Financial Technology to the latest version of their signature TRADExpress platform. The purpose was to enhance and speed up business development capabilities even further and to benefit from a more refined trade and market data protocol, leading to improved bandwidth usage.
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 80 clearers from across the globe. For more information: www.dccc.co.ae
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