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Leading derivatives exchange Dubai Gold and Commodities Exchange (DGCX) recorded 8.239 million contracts in 2022, with a total value of US$162.01 billion for the year, an increase of 16% and 8.24%, respectively.
With inflation steadily rising in 2022, investors are increasingly turning to gold, with DGCX reporting a 78% increase in gold contract volume on the exchange compared to the previous year.
Throughout the year, the Indian rupee traded steady on the DGCX as market participants looked to hedge their exposure to one of the world’s fastest-growing economies. DGCX has also seen volume growth in the Japanese Yen, Australian and Canadian dollars, as well as increased investor interest in the Euro and British currencies.
Ahmed Bin Sulayem, CEO of DGCX, said: “In 2022, in the face of ongoing global economic challenges, DGCX has achieved significant double-digit growth across multiple indicators. Against this backdrop, participants focus on currencies and gold, DGCX Physical gold and spot gold contracts were launched.
“DGCX has also made history by becoming the first UAE exchange to list Israeli Shekel futures, offering traders greater product diversity and liquidity. Looking ahead to 2023, DGCX will Continue to expand the business by providing highly innovative and value-added products and services to investors and market participants.”
2022 Milestones
In 2022, DGCX launched new physical gold futures and spot gold contracts as part of its strategic focus to become the de facto gold pricing standard in the region. These two products enable traders and financial institutions to use physical gold as collateral to obtain an affordable source of short-term loans secured by exchange clearing houses. DGCX previously signed a Memorandum of Understanding (MoU) with precious metals company FinMet to expand DGCX’s product offering and market participation.
DGCX member Paloma Precious DMCC completed its first transaction with a leading UAE bank in September 2022, and in November 2022 SAM Precious Metals (SPM) received the required approval to trade its first gold and silver bars on DGCX.
DGCX has also reaccredited by the European Securities and Markets Authority (ESMA) as a Third Country CCP (TC-CCP) in 2022, a move that reflects its adherence to international regulatory standards and reaffirms its compliance with the strictest risk management and governance frameworks.
Israeli Shekel Futures
In a landmark move, DGCX announced its intention to list Israeli Shekel futures from June 2022, as part of its strategic focus to diversify its FX offerings and the fast-growing currency segment. The listing of Israeli shekel futures also marks an important step in the establishment of a strategic relationship between the United Arab Emirates and Israel.
Following the announcement, DGCX was quick to participate in FOW Trading Israel, the region’s largest derivatives-focused conference, organized by Futures & Options World (FOW). As the second largest futures trading center after the United States, Israel is an important market for DGCX as it intends to see strong currency volume growth in the coming years.
Diversity and Inclusion
In honor of International Women’s Day 2022, DGCX participated in the “Ring the Bell for Gender Equality” ceremony on March 8, 2022. More than 90 exchanges around the world celebrated the event under the theme ‘Gender Equality Today for a Sustainable Tomorrow’.
Gender diversity and inclusion remains a strategic priority for DGCX to provide equal opportunity at work and ensure the organization benefits from diverse perspectives and skills. DGCX continues to assess its gender equality performance against the Women’s Empowerment Principles (WEP). – trade arab news agency
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