• Home
• /
• Local business

Record Growth for DGCX in 08

The Dubai Gold & Commodities Exchange (DGCX) posted strong growth in precious metals, currencies and energy and diversified its portfolio by introducing innovative products into the Middle Eastern market.

The exchange recorded 26pc year-on-year growth with 1.14 million contracts, valued at $57.5 billion, traded in 2008.

Average daily volume touched just over 4,500 contracts in 2008, an increase of 28pc compared with 2007. Since inception in November 2005, over 2.6 million contracts have been traded with a value in excess of $107 billion.

Last year, DGCX took steps not only to expand its portfolio, but also to review existing contracts as per the requirements of members.

At the DGCX Annual General Meeting, held in Dubai last month, Ahmed bin Sulayem, Chairman, DGCX, outlined the Exchange’s objectives and growth plans to expand the exchange further in 2009.”

He also emphasised that the core strength of DGCX lies in its understanding of customers’ needs and its positioning as the exchange offering “the right products, in the right place and at the right time.”

In May, the launch of West Texas Intermediate and Brent crude oil futures surpassed all previous DGCX product opening day volumes. In the month following the launch of crude oil futures, 36,500 contracts ($4.9 billion) were transacted, making the crude oil launch the most successful ever for DGCX.

In October, the Indian Rupee futures contract — the world’s first — was strengthened to reflect market developments and customer requests. The contract, which is now cash settled in US Dollars, remains the only Indian Rupee futures contracts accessible to international market participants.