190901 dgcx
Traders at the Dubai Gold and Commodities Exchange. Image Credit: Gulf News archives

Dubai: Total volumes on the Dubai Gold and Commodities Exchange (DGCX) this year stood at over 21.85 million contracts at the end of November, valued at more than $400 billion. In November, the DGCX traded 1.54 million contracts, and registered Average Open Interest (AOI) of 299,575 with the Exchange showing 15 per cent growth in AOI in 2019.

The best performing asset class in November was the Indian Rupee (INR) product suite, which registered year-to-date volume growth of 17 per cent from 2018 and an AOI increase of 10 per cent. Trading this month was also underpinned by DGCX’s flagship Gold Futures product, which recorded year-to-date total volume growth of 94 per cent compared to the same period last year, and year-on-year average daily volume growth of 452 per cent.

Les Male, CEO of DGCX, commented: “The DGCX remains on track to break the annual volumes record we set in 2018 of 22.3 million contracts traded, and close the year on a high note. This attests to our ability to meet the constantly evolving needs of our market participants, and continuously deliver excellence, innovation, and diversified financial instruments. This unique value proposition has not gone unnoticed, as we collected two prestigious awards earlier this month, to which I would like to congratulate every single colleague, member and partner that has been part of the DGCX’s incredible journey so far.”

DGCX picked up two awards earlier this month. It won the ‘Global Exchange of the Year’ award at the Burj CEO awards, and was recognised as ‘Exchange of the Year’ at the FOW Global Investor MENA Awards 2019 for its remarkable growth over the year, in which the Exchange broke numerous records for trading volume, notional value and open interest.

“As we turn our attention to 2020, we will continue to build on what we have achieved this year, further expanding our reach to different markets and increasing the breadth of our product portfolio to meet the hedging and investment needs of our participants across the globe,” added Male.