ID :
39194
Wed, 01/07/2009 - 12:55
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https://oananews.org//node/39194
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DGCX registers 26% growth in contracts traded in 2008
Dubai, Jan 7, 2009 (WAM) - The Dubai Gold and Commodities Exchange (DGCX) posted a 26 per cent rise to US$57.5 billion (Dh211 billion) in year-on-year growth in contracts traded during 2008 in precious metals, currencies and energy, a statement said, Gulf News reported.
The derivatives exchange recorded 1.14 million contracts for US$57.5 billion (Dh211 billion), traded during the past year. The average daily volume shot past 4,500 contracts at an increase of 8 per cent, compared with that of 2007.
Since the inception of the exchange in November 2005, more than 2.6 million contracts have been traded with a value in excess of US$107 billion.
In May, the launch of West Texas Intermediate and Brent crude oil futures surpassed all previous DGCX product-opening day volumes.
In the month following the launch of crude oil futures, 36,500 contracts (US$4.9 billion) were transacted, making the crude oil launch the most successful ever for DGCX.
July 2008 was the best month at DGCX since the exchange opened for trading in 2005, with 187,000 contracts (worth US$12 billion) and a new daily record of over 14,000 contracts.
The increase in activity during the year was led by trading in futures on crude oil, currencies and precious metals.
In October, the Indian Rupee futures contract - the world's first - was strengthened to reflect market developments and customer requests. The contract remains the only Indian Rupee futures contracts accessible to international market participants.
Malcolm Wall Morris, chief executive of DGCX, said volatile global markets and the tightening of credit have clearly altered the economic framework in which the exchange operates.
"However, the economic crisis has demonstrated the importance of transacting derivatives business, via an exchange and clearing house, in order to reduce counterparty credit risk. DGCX is uniquely positioned to meet this requirement by operating the Middle East's sole clearing house", he said.
The exchange has recently diversified its portfolio by introducing innovative products into the Middle Eastern market.
Ahmad Bin Sulayem, chairman of DGCX, said there were plans to further expand the exchange in 2009.
The derivatives exchange recorded 1.14 million contracts for US$57.5 billion (Dh211 billion), traded during the past year. The average daily volume shot past 4,500 contracts at an increase of 8 per cent, compared with that of 2007.
Since the inception of the exchange in November 2005, more than 2.6 million contracts have been traded with a value in excess of US$107 billion.
In May, the launch of West Texas Intermediate and Brent crude oil futures surpassed all previous DGCX product-opening day volumes.
In the month following the launch of crude oil futures, 36,500 contracts (US$4.9 billion) were transacted, making the crude oil launch the most successful ever for DGCX.
July 2008 was the best month at DGCX since the exchange opened for trading in 2005, with 187,000 contracts (worth US$12 billion) and a new daily record of over 14,000 contracts.
The increase in activity during the year was led by trading in futures on crude oil, currencies and precious metals.
In October, the Indian Rupee futures contract - the world's first - was strengthened to reflect market developments and customer requests. The contract remains the only Indian Rupee futures contracts accessible to international market participants.
Malcolm Wall Morris, chief executive of DGCX, said volatile global markets and the tightening of credit have clearly altered the economic framework in which the exchange operates.
"However, the economic crisis has demonstrated the importance of transacting derivatives business, via an exchange and clearing house, in order to reduce counterparty credit risk. DGCX is uniquely positioned to meet this requirement by operating the Middle East's sole clearing house", he said.
The exchange has recently diversified its portfolio by introducing innovative products into the Middle Eastern market.
Ahmad Bin Sulayem, chairman of DGCX, said there were plans to further expand the exchange in 2009.
