The Dubai Gold & Commodities Exchange (DGCX) recorded a total value of the contracts amounting to USD 149.676 billion. The best performing product in 2021 was its Indian Rupee Options (DINRO) Futures Contract, which traded up 1,233% year-on-year (Y-O-Y).
As part of its broader cross-border collaboration efforts, the DGCX also signed landmark agreements with the S & Royal Group Mongolia to explore future business and trade opportunities, as well as the Financial Markets Regulatory in Sudan, to strengthen the gold market across Africa. Additionally, the DGCX also signed a strategic MoU with Victoria Falls Stock Exchange (VFEX) aimed at supporting with the development of a clearing and settlement commodities exchange in Zimbabwe.
Trading was particularly busy in December, with trade volumes of over 727,784 million contracts traded during the month, led by the DGCX’s Indian Rupee Future Contract.
DGCX closed the year with industry plaudits, being named as ‘Exchange of the Year – Middle East and Africa’ at the prestigious FOW Global Investor MENA 2021 Awards for a fourth year in a row. Additionally, the DCCC, a wholly owned subsidiary of DGCX providing clearing and settlement services was also awarded the ‘Clearing House of the Year – Middle East and Africa’ by the FOW Global Investor MENA 2021 Awards, in recognition of its clearing and settlement services, which provided resiliency and stability to financial markets. DCCC is the only Central Counter Party in the Middle East that offers clearing services across multiple asset classes such as Currencies, Base and Precious Metals, Hydrocarbons and Equity derivatives, both index and single stock.
During 2021, DGCX received its permit from the Israel Securities Authority (ISA), enabling qualified Israeli corporations who trade on proprietary basis to become members of the DGCX and to use its trading services and platforms.
In April, the DGCX Group launched its Pakistani Rupee (PKR) Futures Contract, the first of its kind on any regulated exchange in the world. To date, the contract successfully traded a total of 8,765 lots valued at USD 109.86 million, showcasing the demand from market participants to diversify their exposure to the Pakistani market.
At the forefront of developing and shaping the Islamic finance sector, the DGCX has also been actively involved in partnerships with leading institutions to introduce more Islamic products to the Exchange, including its recent partnership with Global Islamic Financial Services.
Also published on Medium.