Trading volume grew up 28% YoY at DGCX
The
best performing asset classes
in
2018 were the Indian Rupee
INR
volumes increased by 25% YoY
The
Dubai Gold & Commodities Exchange (DGCX) announced that it has rounded off
a highly successful 2018 by breaking its annual volumes record, trading 22.26
million contracts, up 28% from the previous year. The total value of the
contracts was USD 474.94 billion, beating its previous highest value of USD 448
billion traded in 2013. Average Daily Volumes (ADV) also finished the year at
an all-time high, reaching 86,615 lots.
The
Exchange achieved a strong start to 2018, recording 5,541,732 lots traded in
Q1, valued at USD 129 billion. Building on this momentum, in May, reported its
best month since inception, recording its highest monthly volume with 2,163,598
contracts traded, valued at USD 46.1 billion. With the Exchanges best quarter
coming in Q3 with 5,863,276 lots traded.
In
March, the Exchange launched the GCC’s first and the world’s only
exchange-traded Shari’ah Compliant Spot Gold contract (DGSG). The Exchange also
introduced new cutting-edge technology, upgrading its trading and clearing
solution from Cinnober to an enhanced version of the TRADExpress platform,
streamlining its business development capabilities and improving bandwidth
usage and latency performance.
Les
Male, CEO of DGCX, commented: “Throughout the year, the DGCX has achieved
spectacular growth and broken numerous records, consistently demonstrating why
it is the leading derivatives exchange in the Middle East. While geopolitical
uncertainty and other factors beyond our control have contributed to our
remarkable performance, it has been our hard work and efforts from within that
have had the largest bearing on our success.
“Our
mandate in 2018 was to widen investor participation and enhance liquidity. We
have done this by strengthening our capabilities and diversifying our product
range, offering investors access to a wide range of products on a robust, fully
regulated and secure platform, whilst continuing to hold innovation at the core
of what we do.”
The
best performing asset classes in 2018 were the Indian Rupee (INR) product suite
and the G6 Currency futures. INR volumes increased by 25% from 2017, driven
mainly by increasing hedging appetite in volatile markets, while volumes in G6
futures grew 9% to reach 595,491 contracts.
“It
was a particularly busy year for INR trading as the Indian Rupee touched record
lows, with investors seeking safety in the USD in response to global economic
and political headwinds. While the foreign exchange market as a whole witnessed
volatility on the back of global trade discussions, changing market dynamics
and developments across the UK, USA and Europe pushed our G6 currency portfolio
to all-time highs,” added Male.
The
Exchange closed the year by being named ‘EMEA Exchange of the Year’ for the
first time at the Future & Options World (FOW) Global Investor Awards 2018
held in London. For the second consecutive year, it also picked up the
‘Exchange of the Year’ accolade at the prestigious Global Investor MENA Awards
2018.
“We
are well-positioned for further growth in 2019 and have a considerable pipeline
already. We will be launching new contracts and services over the next year
that will appeal to both our international and local participants” concluded
Male.
Comments
Post a Comment