Dubai, 25 September 2016: DGCX’s Indian Rupee Quanto futures contract has been recognised as the Most Innovative New Contract in the Currency category at this year’s Futures and Options World (FOW) Awards Asia, the derivatives industry’s leading awards.
DGCX received this award at the FOW Awards Asia ceremony in Singapore. The FOW Awards recognized the leading players in the global derivatives industry on areas related to innovation, creativity, and technology and performance optimization.
Gaurang Desai, CEO of the Dubai Gold and Commodities Exchange (DGCX) commented on the Exchange’s win: “We are delighted to receive this award. At DGCX, we constantly strive to develop and list innovative products that are relevant to the ever-growing needs of our member community and the Indian Rupee Quanto futures contract is one product that we are immensely proud of. The Indian Rupee Quanto futures is a unique product that offers various benefits to our market participants.”
The Indian Rupee Quanto futures, listed on the Exchange last year, provide traders with an outright quote on the USD/INR foreign exchange rate and are quoted in US dollar.
The addition of the Indian Rupee Quanto futures has helped DGCX further enhance its market share in the global Indian Rupee futures market. DGCX is already the largest offshore Indian Rupee futures market with the average daily value of trading exceeding $1.36 billion in 2015. “As the largest derivatives bourse in the Middle East, our endeavor is to raise the bar and provide our members and investors with a diversified portfolio of unique and relevant products that suit different trading needs and investment strategies” concluded Desai.
About DGCX:Established in 2005, DGCX is the region’s leading derivatives exchange and the only one allowing participants to clear and settle transactions within the Gulf region. The Exchange has played a pioneering role in developing the regional market for derivatives.
DGCX is a subsidiary of Dubai Multi Commodities Centre (DMCC), a strategic initiative of the Government of Dubai, with a mandate to enhance commodity trade flows through the Emirate by providing the appropriate physical, market, financial infrastructure and services required. It is an electronic commodity and currency derivatives exchange with 267 members from across the globe, offering futures and options contracts covering the precious metals, energy and currency sectors. For more information: www.dgcx.ae