Friday, June 18, 2021

Dubai Gold & Commodities Exchange traded 12.73 million contracts in 2020

Dubai gold

The Dubai Gold & Commodities Exchange (DGCX) traded 12.73 million contracts in 2020, it said on Tuesday, January 5. It marks a nearly 45 per cent decrease in the number of contracts traded in 2019 that stood at 23.06 million.

DGCX recorded an Average Open Interest (AOI) – the total number of outstanding contracts at the end of the trading day – of 220,504 contracts in 2020, down 32 per cent year-on-year from 324,803 contracts recorded in 2019.

The best performing product in 2020 meanwhile was DGCX’s AUD Futures Contract, which traded over 0.26 million contracts, up 4,694 per cent year-on-year, with AOI up by over 3.8 per cent over the same period.

“The pandemic presented disruption as well as challenges for many industries on a global scale. Against this backdrop, it is encouraging to note that not only did we keep the market open throughout 2020, but that we also extended trading hours for both the Indian Budget and US Elections in response to demand from our members and market participants,” said Les Male, CEO of DGCX.

“Moreover, we are also proud that we were able to successfully introduce new products that have performed exceptionally well in the marketplace.”

During 2020, the DGCX launched products including: the Weekly INR-US Dollar (USD) Futures Contract.

It also launched three FX Rolling Futures Contracts – Euro (EUR), Pound Sterling (GBP) and Australian Dollar (AUD) against the US Dollar (USD).

Read: Dubai’s DGCX to launch first FX rolling futures contracts in July 2020

In August 2020, DGCX selected Nasdaq solutions for its new trading platform.

Read: Dubai Gold & Commodities Exchange to run on Nasdaq trading technology

The marketplace products, delivered via the Nasdaq Financial Framework, include multi-asset trading and real-time clearing capabilities, pre-trade risk management, as well as market intelligence, market surveillance and quality assurance applications.

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