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: Free Zones in the UAE |
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Dubai Gold &
Commodities Exchange [DGCX] |
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Record Growth for DGCX in 08
The Middle East’s leading derivatives exchange
underlined its offering with a robust overall
performance in 2008.
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. |
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Courtesy khaleej
Times |
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Hot
properties in UAE - Freehold |
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