Dubai Gold & Commodities Exchange
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The Dubai Gold and Commodities Exchange (DGCX), The Exchange was inaugurated on November 22nd, 2005 by His Highness Sheikh Mohammad bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai. In such a short span of time, DGCX has made itself known not only in the financial and commodity circles in the Middle East but also in other major financial hubs across the globe.The Dubai Gold and Commodities Exchange (DGCX) is a fully automated, online commodities and currencies exchange. Strategically located in Dubai, the exchange is the first international commodities derivatives marketplace in the time zone between Europe and the Far East.
DGCX is a joint venture between the Dubai Multi Commodities Centre, Financial Technologies and Multi Commodity Exchange of India Ltd. At present DGCX offers its members and their clients to trade in Gold, Silver, Currency and Fuel Oil futures. This will be followed by options on gold and silver futures. A diversified range of commodities such as steel, jet fuel oil, freight rates, pulses and cotton will be introduced for trading as the exchange progresses further.
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[edit] Major Members
DGCX members are spread across centers such as London, Chicago, Auckland, Mumbai and Karachi. DGCX boasts of members such as FIMAT International Banque, Man Financial, Deutsche Bank, Mashreq Bank, National Bank of Dubai, HSBC and Standard Bank.
[edit] Milestones
Milestones achieved in the last one year Nov 21, 2005 Inauguration of the Exchange by H.H. Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai Nov 22, 2005 DGCX commences live trading in Gold futures contracts Mar 28, 2006 DGCX commences trading in Silver futures contracts Jun 12, 2006 DGCX commences trading in Currency futures contracts Aug 21, 2006 DGCX signs MoU with Tokyo Commodity Exchange (TOCOM) Sept 28, 2006 First Currencies futures contract successfully settled by DGCX - US $ 7.6 million worth of foreign currency delivered Oct 10, 2006 Successful completion of physical gold delivery of its OCT-2006 Gold futures contract - 245 Kg Gold worth US $ 4.6 million delivered Oct 30, 2006 Middle East’s first Energy contract - Fujairah Fuel Oil Futures Contract starts trading Nov, 2006 Value of contracts traded crosses US $ 12 billion in 12 months Dec 29, 2006 Recorded highest trading volume of 6714 contracts
[edit] Products
The exchange has introduced 6 contracts viz. gold, silver, Euro, British Pound, Japanese Yen and Fujairah fuel oil futures contracts during this period. The Exchange recently introduced first ever exchange traded INdian Rupee futures contract in the world.
[edit] MoU
Two major Memoranda of Understanding that the exchange had signed during this period put it on the world scene of commodities trade. The agreements were with the Chicago Board of Trade (CBOT)and the Tokyo Commodity Exchange (TOCOM)
