Dubai – Mubasher: The Dubai Gold & Commodities Exchange (DGCX) on Wednesday announced a successful 2018 after it broke its annual volumes record.
The Dubai-based commodities bourse traded 22.26 million contracts in 2018, up 28% from 2017, while the total value of the traded contracts was $474.94 billion, beating its previous highest value of $448 billion traded in 2013.
Average Daily Volumes (ADV) also ended 2018 at an all-time high, reaching 86,615 lots, the DGCX said in a statement.
In Q1-18, the DGCX enjoyed a strong start to the year with 5.542 billion lots traded worth $129 billion. In May, the exchange, which built on this start-of-the-year momentum, reported its best month since inception, having recorded its highest monthly volume with 2.164 billion contracts traded at $46.1 billion in value.
Meanwhile, Q3-18 marked the “best quarter” with 5.86 billion lots traded.
Commenting on the 2018 results, DGCX CEO Les Male said the bourse had achieved “spectacular growth” throughout 2018, which consistently demonstrated its leadership in leading the leading derivatives exchange in the Middle East.
“While geopolitical uncertainty and other factors beyond our control have contributed to our remarkable performance, it has been our hard work and efforts from within that have had the largest bearing on our success,” Male added.
As for the DGCX’s mandate for 2018, it was to “widen investor participation and enhance liquidity,” he said, noting that this was done by bolstering the exchange’s capabilities and diversifying its product range by offering investors access to various products.”
It is worth noting that the DGCX’s best performing asset classes in 2018 were the Indian Rupee (INR) product suite and the G6 Currency futures.
“INR volumes increased by 25% from 2017, driven mainly by increasing hedging appetite in volatile markets, while volumes in G6 futures grew 9% to reach 595,491 contracts,” the DGCX revealed.
