KHALEEJ TIMES, Saturday, Jan 08, 2022 | Jamada Al-Aakhirah 5, 1443
DGCX closes 2021 with total value traded worth of around $150b
Emirates:
The Dubai Gold and Commodities Exchange (DGCX) has reported its 2021
full-year market statistics, with the exchange recording a yearly AOI sum of
1,985,584 contracts.
The exchange also traded 7,076,350 contracts during the year – with the total
value of the contracts amounting to $149.676 billion.
The DGCX’s best performing product in 2021 was its Indian Rupee Options (DINRO)
Futures Contract, which traded up 1,233 per cent year-on-year (Y-O-Y).
As part of its broader cross-border collaboration efforts, the DGCX also signed
landmark agreements with the S & Royal Group Mongolia to explore future business
and trade opportunities, as well as the Financial Markets Regulatory in Sudan,
to strengthen the gold market across Africa.
Additionally, the DGCX also signed a strategic MoU with Victoria Falls Stock
Exchange (VFEX) aimed at supporting with the development of a clearing and
settlement commodities exchange in Zimbabwe.
Trading was particularly busy in December, with trade volumes of over 727,784
million contracts traded during the month, led by the DGCX’s Indian Rupee Future
Contract.
Les Male, CEO of DGCX, said: "During 2021, the DGCX diversified its product
portfolio, introducing new contracts such as the PKR Futures Contract as well as
expanding our footprint into the Israeli market. We also continued to focus on
upgrading our system capabilities and technology infrastructure during the year
– and our planned integration with Nasdaq is set to complete in Q2 2023. As we
begin 2022, we continue to actively engage several stakeholders and will soon
launch a number of innovative future contracts that will create value for market
participants and further consolidate our position in the Middle East."
DGCX closed the year with industry plaudits, being named as ‘Exchange of the
Year – Middle East and Africa’ at the prestigious FOW Global Investor MENA 2021
Awards for a fourth year in a row.
Additionally, the DCCC, a wholly owned subsidiary of DGCX providing clearing and
settlement services was also awarded the ‘Clearing House of the Year - Middle
East and Africa’ by the FOW Global Investor MENA 2021 Awards, in recognition of
its clearing and settlement services, which provided resiliency and stability to
financial markets. DCCC is the only Central Counter Party in the Middle East
that offers clearing services across multiple asset classes such as Currencies,
Base and Precious Metals, Hydrocarbons and Equity derivatives, both index and
single stock.
During 2021, DGCX received its permit from the Israel Securities Authority
(ISA), enabling qualified Israeli corporations who trade on proprietary basis to
become members of the DGCX and to use its trading services and platforms.
In April, the DGCX Group launched its Pakistani Rupee (PKR) Futures Contract,
the first of its kind on any regulated exchange in the world. To date, the
contract successfully traded a total of 8,765 lots valued at $109.86 million,
showcasing the demand from market participants to diversify their exposure to
the Pakistani market.
At the forefront of developing and shaping the Islamic finance sector, the DGCX
has also been actively involved in partnerships with leading institutions to
introduce more Islamic products to the Exchange, including its recent
partnership with Global Islamic Financial Services.
As part of its community outreach, the DGCX also recently partnered with Ajman
University to help foster the development of finance professionals by committing
to share knowledge, co-host educational events, and provide access to academic
and professional platforms.
During the year, the DGCX was also one of many exchanges around the globe to
raise awareness for women’s empowerment – by celebrating the seventh annual
‘Ring the Bell for Gender Equality’ ceremony on International Women’s Day.