Business | Markets
DGCX completes record-breaking physical settlement worth $25.20 million
Dubai Gold and Commodities Exchange (DGCX) announced the successful completion of its largest-ever physical settlement of gold and steel rebar futures contracts, valued at $25.20 million, by the Dubai Commodities Clearing Corporation (DCCC).
- Staff Report
- Published: 15:44 October 8, 2008
Dubai: Dubai Gold and Commodities Exchange (DGCX) announced the successful completion of its largest-ever physical settlement of gold and steel rebar futures contracts, valued at $25.20 million, by the Dubai Commodities Clearing Corporation (DCCC).
The transaction is a testimony to the efficient and robust settlement framework provided by DCCC, a wholly owned subsidiary of DGCX.
It also reinforces the Exchange's position as a secure marketplace used by industry participants to source their gold and steel rebar requirements.
The settlement involved the physical delivery of 908kgs of gold and 40 metric tonnes of steel rebar for October 2008. The transaction saw participation by prominent banks and industry players of the physical market.
Malcolm Wall Morris, Chief Executive Officer, DGCX, said the largest ever physical settlement of gold and steel rebar futures reflects the confidence that members and their customers place in DGCX, especially during the current climate of economic uncertainty and increased counterparty risk.
"DGCX has evolved into the leading derivatives exchange in the Middle East region. The recent $25.20 million physical settlement demonstrates that this is backed by the resilient delivery system of DCCC, enabling participants to settle large transactions," he said.
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