Dubai commodities exchange marks record volumes in 2009
The Dubai Gold and Commodities Exchange (DGCX) recorded 1.5 million contracts in 2009 valued at $79 billion.
Dubai: The Dubai Gold and Commodities Exchange (DGCX) recorded 1.5 million contracts in 2009 valued at $79 billion.
Surpassing its 2008 volume of 1.142 million contracts, the DGCX recorded an increase of 31.6 percent in 2009, WAM news agency reported.
Currencies and crude oil were the key drivers for the rise in annual volume. While currencies recorded a 132 percent increase compared with last year, full year volume for crude oil futures rose by 140 percent.
"In four years, the Exchange`s portfolio has grown quickly to include the key economic indicators of precious metals, energy and currencies on one trading and clearing platform. The increase in year on year volumes is an encouraging achievement and confirms that our offering meets the requirements of market participants," Eric Hasham, CEO of DGCX said.
In 2009, DGCX focused on improving liquidity, tightening prices and educating participants to better understand the trading and price risk management benefits of derivatives. The exchange witnessed a strong response from new and existing participants during workshops held throughout the year.