The Dubai Gold & Commodities Exchange (DGCX), the largest and most diversified derivatives bourse in the Middle East, has been recognized as ‘Exchange of the Year’ at the FOW Global Investor MENA Awards 2017.
The ‘Exchange of the Year’ winner is carefully selected from a pool of candidates, based on the Exchange’s ability to cater to investors’ demands through derivatives contracts. The award also recognizes outstanding performance and product launches that help differentiate the winning exchange from the rest of its peers.
Gaurang Desai, CEO of DGCX, said: “This is a big achievement for us at the DGCX, and I am grateful for every single colleague, member and partner that has been by our side in this incredibly journey. Our drive to continuously deliver excellence, innovation and most importantly confidence to our investors and traders so that they can hedge their risks safely on our platform is what keeps us on our toes and makes our achievements even more meaningful.”
In September 2017, DGCX recorded its highest-ever daily volumes, trading 202,571 contracts with a notional value of USD 4 billion. The Exchange is also working to launch the world’s first truly Shariah compliant Spot Gold contract, tapping into the burgeoning Islamic Finance industry. The April launch of the world’s first Yuan denominated Shanghai Gold Futures Contract, providing access to the Chinese bullion market was also a notable accomplishment for the Exchange.
Other significant achievements this year include receiving regulatory recognition from the European Securities Market Authority (ESMA) and the Abu Dhabi Global Market (ADGM) reinforcing DGCX’s MENA presence, as well as establishing Trading Campus, an academic initiative aimed at training aspiring young finance professionals, together with Envision Training Center.
Desai concluded: “DGCX offers a unique and diverse range of products catering to the evolving trading needs of regional market participants. Our plans for 2018 will continue to build on what we have achieved in the past while ensuring that we further expand our reach to different markets and increase the breadth of our product portfolio.”