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Gold January 03, 2018 02:30:08 PM

DGCX Achieved Multiple Milestones in 2017

Paul Ploumis
ScrapMonster Author
As recognition of its outstanding performance, the exchange also won the ‘Exchange of the Year’ award at the FOW Global Investor MENA Awards 2017.
DGCX Achieved Multiple Milestones in 2017

SEATTLE (Scrap Monster): The Dubai Gold and Commodities Exchange (DGCX) has achieved several key milestones during the year 2017. The region’s largest bourse recorded new trading highs during the year. The exchange also launched an array of innovative products that attracted massive investor participation. DGCX also entered into strategic partnerships with other exchanges. As recognition of its outstanding performance, the exchange also won the ‘Exchange of the Year’ award at the FOW Global Investor MENA Awards 2017.

Gaurang Desai, CEO of DGCX noted that the exchange has been able to make significant progress on all fronts. 2017 was a truly noteworthy year, he said. In 2018, the exchange will continue to hold an innovation-led approach to achieve greater heights. Similar to 2017, the exchange will remain highly focused on expanding its product offerings, strengthening capabilities and developing its member base. The launch of earlier announced Sharia Spot Gold contract is one among the highly anticipated events in 2018, Desai added.

The listing of Shanghai Gold Futures (DSGC) on the DGCX platform in March 2017 resulted in increased participation by traders worldwide, thereby pushing the trading volumes to new highs. The product reported steady growth in volumes ever since its launch. A total of over 34,518 contracts were traded during the previous year. In addition, the exchange had also received regulatory approval to additional 44 blue-chip Indian Single Stock Futures (SSF) to its Equities Portfolio. The exchange’s Indian SSF traded a total of 1.354 million contracts in 2017.

During the year, DGCX subsidiary had received recognition as a third-country CCP (TC-CCP) by the European Securities and Markets Authority (ESMA). This opened access to all European banks to clear DGCX trades without incurring any additional capital requirement as imposed by EU Regulations on their exposure to DCCC. The exchange had also obtained approval from the Financial Services Regulatory Authority (FSRA) to operate as a remote Exchange and Clearing House.

Following record jump in trading volumes in 2016, the exchange recorded new record trading volume of 17.44 million lots in 2017. The total traded value amounted to $404.7 billion during the year. The highest trading volume of 202,571 lots was recorded on 27th September.

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