Sunday 01 October 2023 - 5:17:30 am

DGCX wins ‘Exchange of the Year' at FOW Global Investor MENA 2020

DUBAI, 16th December, 2020 (WAM) -- The Dubai Gold & Commodities Exchange (DGCX) has been named as ‘Exchange of the Year’ at the prestigious FOW Global Investor MENA 2020 for a third year in a row.

The ‘Exchange of the Year – Middle East and Africa’ award was awarded to DCGX in recognition of its stellar performance over the last 12 months, in which it broke numerous records for trading volume, notional growth and open interest.

Over this time period, the DGCX traded nearly 20 million contracts, cleared by the Dubai Commodities Clearing Corporation (DCCC) – an 100 percent owned DGCX subsidiary – with a notional value exceeding USD $826 billion.

On a daily basis, DGCX trades between $1.5 and $4 billion per day of underlying notional value across four key asset classes: FX, Equities, Hydrocarbons and Metals.

Les Male, CEO of DGCX, said, "As we celebrate our fifteenth anniversary, we are thrilled to win this prestigious award for a third-year running. After an excellent performance during the last twelve months it is an honour to receive this recognition from our peers. While 2020 was a year unlike any other, it reinforced our commitment to providing members with a range of products to better manage their risks effectively. Collectively, our strategic focus remains on diversifying our product offerings to meet market participants’ needs and expanding our membership base. We believe we can continue contributing to the development of the UAE’s Islamic finance sector. We are excited to win the Global Investor MENA 2020 conference and look forward to next year."

Since its inception in 2005, the DGCX has been responsible for a number of important market-first milestones. In 2018, the DGCX launched the Middle East’s first-ever Sharia Compliant Spot Gold Contract, which has seen record trading.

Most recently, the DGCX launched the Weekly INR Futures Contract and the region’s first including FX Rolling Futures Contracts, comprising the Euro, Pound Sterling and Australian Dollar against the US Dollar, to provide market participants with greater short-term hedging opportunities.

Looking to the future, the vision of the DGCX Group is to become the exchange and clearing house of choice in the region, with a vast network of partnerships that improve and upgrade the quality of its products and services.

WAM/Tariq alfaham/MOHD AAMIR