Dubai Gold & Commodities Exchange (DGCX) recorded highest trading volume on West Texas Intermediate light sweet crude oil (DWTI) and Brent crude oil futures contracts (DBRC) on May 27, first day of its launch.
First day volumes contributed more than 45% of the exchange?s daily volume and trade surpassed all previous DGCX records with over 2,800 contracts traded on WTI and Brent, outshining silver futures first day volumes of 1,158 contracts in March 2006, according to DGCX release. Each DGCX crude oil futures contract is sized at 1,000 barrels, with the contract price quoted in US dollar and cents per barrel. The minimum price fluctuation is one cent per barrel, equivalent to a tick value of $10.
?The launch of DWTI and DBRC is a historic move for DGCX. The volumes and the interest generated on the first day demonstrate that there is significant appetite for these products in the region,? said Ahmed bin Sulayem, chairman, DGCX.
The contracts enable investors in the premier oil producing region to trade in the world?s most widely used commodity and benefit from clearing transactions under UAE?s taxation and regulatory regime.