Business | Oil & Gas
DGCX's new oil contract trades high volumes
The Dubai Gold and Commodities Exchange (DGCX) reported record crude futures transactions on June 19 for its recently launched WTI contract.
- Staff Report
- Published: 23:54 June 22, 2008
Dubai: The Dubai Gold and Commodities Exchange (DGCX) reported record crude futures transactions on June 19 for its recently launched WTI contract.
Approximately 3,500 contracts were traded, surpassing the previous record of 2,813 contracts by over 20 per cent. The average daily volumes traded were 1,306 contracts.
Since the launch of the WTI contracts, more than $3.07 billion of business has been transacted on the exchange, making the oil contract launch the most successful among other contracts traded.
"The launch and unparalleled success of our oil contracts demonstrates our commitment to providing market participants globally with a choice of where and how they manage their price exposure," said Malcolm Wall Morris, CEO of DGCX.
Business Editor's choice
-
Do unemployment figures flatter to deceive?
Jobseekers and recruiters give out mixed signals ranging from optimism to downright despair even as official data show recovery
-
Banks can increase their share
Longer opening hours, more locations outside cities and lower charges can help
-
Geepas idea blossomed in Dubai
The journey led from a small shop in Bahrain to a $1.27b company in the UAE
