Last month the Dubai Gold and Commodities Exchange (DGCX) registered its highest-ever monthly volumes, reaching 971,675 contracts, a 100% increase over the same month last year. The Exchange's total monthly trading volume was valued at $ 38.08 billion, also a new record.
“The rising profile of the exchange in the region and increased awareness of the investment potential of Gold futures have promoted high levels of retail participation in the contract, significantly boosting trading volumes over 2012. DGCX's ability to offer extended trading hours have led to it becoming a benchmark market for Indian Rupee futures, driving consistent growth in the contract,” said Gary Anderson, CEO of DGCX, in an official statement.
“It is always terrific to hear about record-breaking volumes,” comments Veronica Augustsson, CEO of Cinnober. “Our joint replacement project with DGCX is running smoothly and Cinnober looks forward to supporting their positive market development and ambitious growth plans. One major reason for bringing our TRADExpress technology into this marketplace is to ensure that DGCX can continue to facilitate ever-increasing trading volumes.”
Cinnober is supplying the DGCX with new core trading and clearing applications and a market monitoring system that will support the requirements of high–frequency traders, provide superior transaction speed and give the ability to offer contracts and settlements in multiple currencies. The new exchange infrastructure will go live in December 2012 according to a phased implementation.