Posts Tagged ‘2018’

DGCX and FXCM Group Sign MoU to Collaborate on new FX Products

DGCX and FXCM Group Sign MoU to Collaborate on new FX Products

(L-R) Mario Sanchez, Managing Director, and Les Male, Chief Executive Officer of DGCX(L-R) Mario Sanchez, Managing Director, and Les Male, Chief Executive Officer of DGCX

 

The Dubai Gold and Commodities Exchange (DGCX) and FXCM Group, LLC (FXCM Group or FXCM), a leading international provider of online foreign exchange trading, CFD trading, bitcoin and related services, today announced the signing of a Memorandum of Understanding (MoU), agreeing to collaborate on launching new and innovative FX products on the DGCX.

Les Male, Chief Executive Officer of DGCX, stated: “It is our aim to ensure that we continue to offer our members and market participants truly innovative contracts, backed by our state of the art technology and Clearing House. These contracts must appeal to not only our international participants but also to local banks and trading houses too. This MOU with FXCM is the first step in developing ever more pioneering contracts contributing to the DGCX’s global offerings allowing us to cross-pollinate each other’s diverse client base.”

Siju Daniel, Chief Commercial Officer of FXCM Group noted: “This partnership will expand both companies’ footprint in this region and will allow its members to experience the many benefits of trading with DGCX. With FXCM’s long history and expertise as one of the world’s leading FX and CFD brokers, working alongside Dubai’s first commodity derivatives exchange, we know that we can create new innovative product offerings and are enthusiastic on the many possibilities. We look forward to sharing them with the market in the future.”

Les Male, CEO of DGCX, signed the agreement at the FXCM Group headquarters in London on Monday, December 17th with Mario Sanchez, Managing Director and Global Head of FXCM Pro Sales.

-Ends-

About DGCX: Established in 2005, DGCX is the region’s leading derivatives exchange and the only one allowing global participants to trade, clear and settle transactions within the Gulf region. The Exchange has played a pioneering role in developing the regional market for derivatives and financial infrastructure. DGCX is an electronic commodity and currency derivatives exchange with over 175 members from across the globe, offering futures and options contracts covering the precious metals, energy, equities and currency sectors. DGCX is a subsidiary of DMCC (Dubai Multi Commodities Centre), a Dubai Government Authority for trade, enterprise and commodities. For more information: www.dgcx.ae

DGCX also owns and operates the region’s largest and only multi-asset Clearing House – Dubai Commodities Clearing Corporation (DCCC). DCCC is federally regulated by the Securities & Commodities Authority (SCA) and is recognized as a Third-Country CCP by European Securities Markets Authority (ESMA) with over 80 clearers from across the globe. For more information: www.dccc.co.ae

 

Further Information:

Jonathan Fisher

Weber Shandwick PR

Tel: +971 (0) 4 445 4222

Email: JFisher@webershandwick.com

Continue Reading

DGCX and IBMC Financial Professionals Group to hold first UAE Africa Gold Convention

DGCX and IBMC Financial Professionals Group to hold first UAE Africa Gold Convention

UAE-Africa-Gold-Convention-Launch
  • The event launched under the leadership of His Excellency Sheikh Khalid Bin Ahmed Al Hamed
  • Convention will bring together business communities between UAE and Africa to strengthen trading and investment opportunities

Dubai Gold and Commodities Exchange (DGCX) and IBMC Financial Professionals Group (IBMC) announce today that they will jointly hold the first UAE Africa Gold Convention on 8 January 2019. The one-day event will bring together a wide range of industry participants at the Armani Hotel, Burj Khalifa, Dubai, including importers and exporters, refiners, miners, vault operators, exchanges and regulators, with the aim of connecting the business communities between the United Arab Emirates and Africa.

His Excellency Sheikh Khalid Bin Ahmed Al Hamed, Chairman of IBMC, UAE; Les Male, CEO, DGCX; and Sajith Kumar P K, CEO & Managing Director, IBMC Global Network, officially announced the event today at a signing ceremony in Al Bateen Palace Majilis, Abu Dhabi. It was revealed that the convention will cover all major gold-related activities including imports, transportation, refining, storage, retail, and trading. Post-event activities will also take place to help African entities establish their businesses in the UAE.

His Excellency Sheikh Khalid Bin Ahmed Al Hamed, Chairman of IBMC, UAE, said:“The UAE and Africa have enjoyed a healthy business relationship for decades, so we are delighted to further strengthen these ties with the launch of UAE AFRICA Gold Convention 2019. The gold industry presents many trade and investment opportunities, and this inaugural event will support its growth by bringing industry players together to explore partnerships and facilitate cooperation between businesses and investors on both sides.”

Les Male, CEO of DGCX, commented: “The UAE Africa Gold Convention 2019 will showcase the entire gamut of gold trade and business activities across the UAE and wider region, with a particular focus on how the industry is being diversified. With expected industry-wide participation, the convention will act as a catalyst to trigger discussion on potential joint venture opportunities, and promote the UAE as a corridor to other markets and an attractive business hub for companies across the African continent.”

Sajith Kumar P K, CEO & Managing Director, IBMC Global Network, said: “Considering the major growth-oriented projects in the UAE and Africa, including Expo 2020, the UAE Africa Gold Convention comes at an excellent time, and will be highly supportive of the global business community targeting opportunities within the gold industry.”

-Ends-

About DGCX: Established in 2005, DGCX is the region’s leading derivatives exchange and the only one allowing global participants to trade, clear and settle transactions within the Gulf region. The Exchange has played a pioneering role in developing the regional market for derivatives and financial infrastructure. DGCX is an electronic commodity and currency derivatives exchange with over 175 members from across the globe, offering futures and options contracts covering the precious metals, energy, equities and currency sectors. DGCX is a subsidiary of DMCC (Dubai Multi Commodities Centre), a Dubai Government Authority for trade, enterprise and commodities. For more information: www.dgcx.ae

DGCX also owns and operates the region’s largest and only multi-asset Clearing House – Dubai Commodities Clearing Corporation (DCCC). DCCC is federally regulated by the Securities & Commodities Authority (SCA) and is recognized as a Third-Country CCP by European Securities Markets Authority (ESMA) with over 80 clearers from across the globe. For more information: www.dccc.co.ae

 

Further Information:

Jonathan Fisher

Weber Shandwick PR

Tel: +971 (0) 4 445 4222

Email: JFisher@webershandwick.com

Continue Reading

DGCX Wins ‘EMEA Exchange of the Year’ at the FOW Global Investor Awards 2018

DGCX Wins ‘EMEA Exchange of the Year’ at the FOW Global Investor Awards 2018

The Dubai Gold & Commodities Exchange (DGCX) has been named for the first time ‘EMEA Exchange of the Year’ at the Future & Options World (FOW) Global Investor Awards 2018 held in London. The exchange was carefully selected from a pool of international candidates based on its innovations in the derivatives industry, which have included new products, services and technology upgrades over the last 12 months.

Earlier this year, the exchange upgraded its integrated trading and clearing solution from Cinnober to the latest version of the TRADExpress platform. The purpose was to improve and enrich business development capabilities even further and to benefit from a more advanced trade and market data protocol, leading to enhanced efficiency in bandwidth usage. DGCX also successfully launched the world’s only and region’s first-ever exchange traded Shariah-compliant Spot Gold contract, which has been very well received by investors, both within the GCC and internationally too.

Les Male, CEO of DGCX, commented: “We are honoured to win this esteemed award and recognized for our strong performance over the last 12 months. I am truly appreciative of the hard work that our members, colleagues and partners show day in and day out, and their continuous drive to deliver excellence in the derivatives industry. This acknowledgement is a testament to that and DGCX’s continuous commitment to providing innovation and excellence to our investors and traders.”

The FOW Global Investor EMEA Exchange of the Year 2018 award marks DGCX’s second recognition in the last twelve months after being named for the second year in a row, ‘Exchange of the Year’, at the prestigious Global Investor MENA Awards 2018 held in Dubai in November.

Les concluded, “With 2019 on the horizon, building on this success by expanding our reach into different markets and broadening our product portfolio will remain a top priority.”

-Ends-

About DGCX: Established in 2005, DGCX is the region’s leading derivatives exchange and the only one allowing global participants to trade, clear and settle transactions within the Gulf region. The Exchange has played a pioneering role in developing the regional market for derivatives and financial infrastructure. DGCX is an electronic commodity and currency derivatives exchange with over 175 members from across the globe, offering futures and options contracts covering the precious metals, energy, equities and currency sectors. DGCX is a subsidiary of DMCC (Dubai Multi Commodities Centre), a Dubai Government Authority for trade, enterprise and commodities. For more information: www.dgcx.ae

DGCX also owns and operates the region’s largest and only multi-asset Clearing House – Dubai Commodities Clearing Corporation (DCCC). DCCC is federally regulated by the Securities & Commodities Authority (SCA) and is recognized as a Third-Country CCP by European Securities Markets Authority (ESMA) with over 80 clearers from across the globe. For more information: www.dccc.co.ae

 

Further Information:

Jonathan Fisher

Weber Shandwick PR

Tel: +971 (0) 4 445 4222

Email: JFisher@webershandwick.com

Continue Reading

DGCX Wins ‘Exchange of the Year’ Accolade at Global Investor MENA Awards 2018

DGCX Wins ‘Exchange of the Year’ Accolade at Global Investor MENA Awards 2018

  • DGCX’s outstanding performance over the last 12 months saw it beat competition from region’s leading exchanges
  • The Exchange’s exceptional growth continued in November as it broke its all-time annual volumes record
 

The Dubai Gold and Commodities Exchange (DGCX) has been named, for the second consecutive year, ‘Exchange of the Year’ at the prestigious Global Investor MENA Awards 2018. The award recognised DGCX’s exceptional performance over the last 12 months, which saw it record new all-time trading highs, launch innovative products, services and initiatives, as well as implementing cutting-edge technology to better serve the needs of its clients.

DGCX beat stiff competition from the region’s leading exchanges to win the award. In the qualifying period, the Exchange traded over 19.3 million contracts, setting a new overall volume record, with notional value exceeding USD 441 billion.

Les Male, CEO of DGCX, commented:“It is an honour to receive this award and have our hard work over the last 12 months recognised by our industry peers. 2018 has been a significant year for DGCX in terms of growth, evolution and innovation, and this prestigious accolade reaffirms our growing profile both regionally and internationally.”

The Exchange has also been shortlisted for the ‘Middle East / African Exchange’ award at the upcoming Future & Options World (FOW) International Awards in December, which will celebrate the achievements of the top performing global derivatives exchanges and trading houses.

“Coinciding with this achievement, we are delighted to announce that DGCX broke its all-time annual volumes record in November. This is a huge milestone for us, and indicates that our efforts to add more depth to the marketplace and meet investment and hedging needs have been successful. We remain extremely upbeat as we approach the end of year, and we look forward to delivering further excellence, innovation and most importantly confidence to our investors and traders,”Male added.

DGCX has now traded 20.3 million contracts year-to-date (Y-T-D), up 27% year-on-year (Y-O-Y), surpassing its previous annual volumes record of 19.67 million contracts on November 20th.

-Ends-

About DGCX: Established in 2005, DGCX is the region’s leading derivatives exchange and the only one allowing global participants to trade, clear and settle transactions within the Gulf region. The Exchange has played a pioneering role in developing the regional market for derivatives and financial infrastructure. DGCX is an electronic commodity and currency derivatives exchange with over 175 members from across the globe, offering futures and options contracts covering the precious metals, energy, equities and currency sectors. DGCX is a subsidiary of DMCC (Dubai Multi Commodities Centre), a Dubai Government Authority for trade, enterprise and commodities. For more information: www.dgcx.ae

DGCX also owns and operates the region’s largest and only multi-asset Clearing House – Dubai Commodities Clearing Corporation (DCCC). DCCC is federally regulated by the Securities & Commodities Authority (SCA) and is recognized as a Third-Country CCP by European Securities Markets Authority (ESMA) with over 80 clearers from across the globe. For more information: www.dccc.co.ae

 

Further Information:

Jonathan Fisher

Weber Shandwick PR

Tel: +971 (0) 4 445 4222

Email: JFisher@webershandwick.com

Continue Reading

DGCX Records Highest Average Daily Volumes

DGCX Records Highest Average Daily Volumes

 

Total volumes on the Dubai Gold & Commodities Exchange (DGCX) this year hit 17,255,556 contracts at the end of September, with yearly Average Daily Volumes (ADV) at their highest ever, reaching 89,873 contracts per day.

The best performing asset class in September was the Indian Rupee (INR) product suite, which saw Rupee Mini Futures record its 2nd highest monthly Average Open Interest (AOI) of 110,020 contracts, and the Indian Rupee Quanto, which has traded 3,160,471 contracts year-to-date (Y-T-D), up 51% from 2017.

Trading in September was also underpinned by the Indian Single Stock Futures (SSF) and Shanghai Gold Futures (DSGC), which registered Y-T-D volume growth of 195% and 101% respectively.

Les Male, CEO of DGCX, commented:“The rising popularity of INR trading this month follows the continued depreciation of the rupee, which has seen investors turn to more regulated markets to hedge their exposure to the US dollar. The robust performance of our Rupee Mini Futures, in particular, is of note, with its increasing liquidity and depth of market, it is testament to the smaller sized contract’s ability to enable retail remitters, individual investors and SMEs to cost-effectively manage their currency risk.”

The DGCX is participating in the upcoming World Investor Week 2018 (WIW) from the 1-7 October 2018. WIW is a global campaign promoted by the International Organization of Securities Commissions (IOSCO) to raise awareness about the importance of investor education and protection and highlight the various initiatives of securities regulators in these two critical areas. DGCX will be participating in conjunction with the Securities and Commodities Authority (SCA) on numerous events throughout the week.

-Ends-

About DGCX: Established in 2005, DGCX is the region’s leading derivatives exchange and the only one allowing global participants to trade, clear and settle transactions within the Gulf region. The Exchange has played a pioneering role in developing the regional market for derivatives and financial infrastructure. DGCX is an electronic commodity and currency derivatives exchange with over 200 members from across the globe, offering futures and options contracts covering the precious metals, energy, equities and currency sectors. DGCX is a subsidiary of DMCC (Dubai Multi Commodities Centre), a Dubai Government Authority for trade, enterprise and commodities. For more information: www.dgcx.ae

DGCX also owns and operates the region’s largest and only multi-asset Clearing House – Dubai Commodities Clearing Corporation (DCCC). DCCC is federally regulated by the Securities & Commodities Authority (SCA) and is recognized as a Third-Country CCP by European Securities Markets Authority (ESMA) with over 80 clearers from across the globe. For more information: www.dccc.co.ae

 

Further Information:

Jonathan Fisher

Weber Shandwick PR

Tel: +971 (0) 4 445 4222

Email: JFisher@webershandwick.com

Continue Reading