Tue 22-10-2019 21:21 PM
DUBAI, 22nd October, 2019 (WAM) -- The Dubai Gold and Commodities Exchange,DGCX, today announced that RAKBANK has been listed as a new trade member of the Exchange. The move underpins DGCX’s rapidly growing member community, and highlights the mounting interest from large, regionally based financial institutions to access the Exchange for hedging and investment opportunities.
RAKBANK is one of the most dynamic banks in the UAE, with its total assets reaching AED 57.3 billion as of 30th June 2019. It executed its first trade on the DGCX on 10th October, in the DGCX’s INR-Dollar Futures contract, DINR.
Les Male, CEO of DGCX, commented:"Building on the momentum of our expanding community, we are proud to welcome RAKBANK to the DGCX as one of our valued Trade Members. We are delighted to reinforce this relationship, which was first forged in 2017, and look forward to their active participation as we further enhance the liquidity of our derivatives market. As we approach the end of the year, we will seek to strengthen collaboration with other local investors, providing tools that improve their ability to protect and grow their portfolios."
In April of this year, the DGCX also announced that it plans to launch a Mini-Gold Futures product in partnership with RAKBANK, offering investors the chance to trade gold in smaller denominations. The contract will be denominated in 10 gram units, allowing customers from across the region to buy gold simply and securely through the DGCX platform Vikas Suri, Managing Director-Treasury,RAKBANK, said: "We are excited to join the DGCX as a Trade Member and gain access to the diverse range of risk-management and investment tools offered by the Exchange. The DGCX is a proven highly liquid derivatives market with a robust regulatory framework and its own clearing house, which provides a secure trading and settlement environment. RAKBANK is extremely confident in our membership with DGCX as it will add great value to our business and enhance our bullion portfolio."
In the third quarter of 2019, the DGCX traded over 7.98 million contracts valued at over USD 133 billion, to register its best quarter since inception. The DGCX currently offers contracts across four product portfolios: currencies; equities; hydrocarbons; and metals.