Dubai
The Dubai Gold & Commodities Exchange (DGCX) said on Wednesday it has rounded off a highly successful 2018 by breaking its annual volumes record, trading 22.26 million contracts, up 28 per cent from the previous year.
The total value of the contracts was $474.94 billion, beating its previous highest value of $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 the first quarter, valued at $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 $46.1 billion. The exchange’s best quarter came in the third quarter, with 5,863,276 lots traded.
In March, the Exchange launched the GCC’s first and the world’s only exchange traded Sharia 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.”
