The Dubai Gold and Commodities Exchange (DGCX), the Middle East?s leading derivatives exchange, reported record crude oil futures transactions on Thursday 19th June for it?s recently launched WTI contract.
Approximately 3,500 contracts were traded, surpassing the previous record of 2,813 contracts by over 20%, according to a release issued by the exchange.
In the short three week period since the launch of the WTI contracts, over $3.07 billion of business has been transacted on the exchange, making the crude oil contract launch the most successful in its history, release said.
Elaborating on the volume growth, Malcolm Wall Morris, chief executive officer, DGCX, said, ?DGCX has consistently highlighted the benefits of transacted business in the region, whether that is from an efficiency or regulatory viewpoint. The recent launch and unparalleled success of our crude oil contracts further demonstrates our commitment to providing market participants globally with a choice of where and how they manage their price exposure.?
The launch of both WTI and Brent crude oil futures on DGCX makes the world?s two most significant crude oil benchmarks available to both regional and international market participants, allowing them to benefit from trading and clearing transactions under the UAE.