Dubai Gold and Commodities Exchange celebrates its 15th anniversary

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(MENAFN – Al-Bayan) Source: Date: November 23, 2020 The Dubai Gold and Commodities Exchange (DGCX) celebrates its fifteenth anniversary, and the exchange was established in 2005, and today it is the largest and most diversified in the field of derivative trading in the Middle East region, as it provides guaranteed settlement deals to the opposite party, through the Dubai Commodity Clearing Company, a subsidiary company. It is wholly owned by the Dubai Gold and Commodities Exchange.

The total turnover of the stock exchange reached 154 million contracts, with a total value of 4 trillion dollars, over 15 years. The value of stock exchange trades ranges between 2 – 3 billion dollars per day of the basic face value, within four classes of assets, which are foreign currencies, stocks, hydrocarbons, and minerals.

Optimism

Ahmed Bin Sulayem, Chairman of the Dubai Gold and Commodities Exchange, said: “Dubai has been a leading international trading center for many years, especially in the field of gold and commodities. Although this year has been a challenging year, in particular, due to the outbreak of the Covid 19 virus, in various parts of the world, there is still room for optimism, and we would like to express our gratitude to the UAE government for taking effective measures to mitigate the repercussions of the pandemic. The Dubai Gold and Commodities Exchange is proud to continue playing a vital role in the growth of the UAE in an environment that requires the development of strong hedging strategies, to deal with events such as the pandemic, or Britain’s exit from the European Union, in a way that helps boost liquidity in the market and strengthen Dubai’s position on the global map of trading Foreign exchange and stocks. Additionally, Dubai’s strategic location makes it one of the most attractive places in the region and in the world to do business.

Products

Les Mail, CEO of DGCX, said: “The exchange has played its role perfectly, as a leading exchange in developing the derivatives market in the region, providing members and market participants with a wide range of products, to effectively manage risks over 15 years. We know how important this is during times of turmoil in the global economy. Our contracts opened the doors to traders in the United States and Europe, by providing external access to specific regional markets, such as India, one of the largest gold bullion trading centers in the world. We are excited about moving forward with the DGCX.

Achievements

Since its establishment, the DGCX has achieved many milestones in the market. In 2018, it launched the first Sharia-compliant spot gold contract in the Middle East, which witnessed record transactions. The exchange also expanded investor participation and enhanced liquidity in the market, while maintaining its position as the largest global pool of liquidity in Indian rupee trading. Recently, it also launched weekly Indian rupee futures contracts, including rolling foreign currency futures.

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