The Dubai Gold & Commodities Exchange (DGCX) has just announced a highly successful 2018. The exchange broke its annual volumes record, trading 22.26 million contracts, up 28% YoY.
The total value of the contracts was USD 474.94 billion (previous highest value of USD 448 billion was traded back in 2013). Average Daily Volumes (ADV) were also at an all-time high, reaching 86,615 lots.
- Total volume traded in 2018 – 22,260,136 lots
- Total value traded in 2018 – USD 475 billion
- Highest daily volume of 2018 – 13th August 2018, 185,630 lots
- Highest trading month of 2018 – May, 2,163,598 lots
- Best performing asset class/product of 2018 – Indian Rupee, up 25%
In March, DGCX launched the GCC’s exchange traded Shari’ah Compliant Spot Gold contract (DGSG).
In July, DGCX and its Central Counter Party (CCP) subsidiary, Dubai Commodities Clearing Corporation (DCCC), announced that clearing members can now deliver eligible global securities as collateral.
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 hardwork and efforts from within that have had the largest bearing on our success.
Our mandate in 2018 was to widen investor participation and enhance liquidity. We have done this by strengthening our capabilities and diversifying our product range, offering investors access to a wide range of products on a robust, fully regulated and secure platform, whilst continuing to hold innovation at the core of what we do.
It was a particularly busy year for INR trading as the Indian rupee touched record lows, with investors seeking safety in the USD in response to global economic and political headwinds. While the foreign exchange market as a whole witnessed volatility on the back of global trade discussions, changing market dynamics and developments across the UK, USA and Europe pushed our G6 currency portfolio to all time highs,” added Male.
We are well-positioned for further growth in 2019 and have a considerable pipeline already. We will be launching new contracts and services over the next year that will appeal to both our international and local participants” concluded Male.