UAE’s DGCX records $149.7bn worth contracts during 2021

By Arya M Nair, Intern Reporter
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The Dubai Gold and Commodities Exchange (DGCX) has released its full-year market statistics. During 2021, the exchange recorded a yearly Average Open Interest (AOI) of 1,985,584 contracts and traded 7,076,350 contracts during the year, with the total value of the contracts amounting to $149.7 billion.

The DGCX’s best performing product in 2021 was its Indian Rupee Options (DINRO) Futures Contract, which traded up 1,233 percent year-on-year. As part of its cross-border partnership efforts, the DGCX also signed landmark agreements with the S&Royal Group Mongolia to explore future business and trade opportunities, as well as with the Financial Markets Regulatory in Sudan, to strengthen the gold market across Africa.

In addition, the DGCX and the Victoria Falls Stock Exchange (VFEX) signed a strategic Memorandum of Understanding (MoU) aimed at helping with the development of a clearing and settlement commodities exchange in Zimbabwe. December was particularly an energetic month for trading, with over 727,784 million contracts traded, topped by the DGCX’s Indian Rupee Future Contract.

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.

Les Male
Les Male

The DGCX diversified its product portfolio, introducing new contracts such as the PKR Futures Contract as well as expanding our footprint into the Israeli market in 2021. We also continued to focus on upgrading our system capabilities and technology infrastructure during the year and our planned integration with Nasdaq is set to be completed in Q2 2023. As we begin 2022, we will continue to actively engage several stakeholders and will soon launch a number of innovative future contracts in the Middle East.

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 2021, the DGCX Group released the Pakistani Rupee (PKR) Futures Contract, the world’s first-of-its-kind on any regulated exchange. The contract has successfully traded 8,765 lots worth $109.86 million to date, showing market players’ desire to diversify their exposure to the Pakistani market.

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