Dubai commodities exchange posts 54% growth in 2008

Written by Commodities Bureau | Mumbai, Sep 22 | Updated: Sep 23 2008, 06:16am hrs
The Dubai Gold & Commodities Exchange (DGCX) has emerged as the leading newcomer in the international derivatives sector in 2008, spurred by strategic product launches, record trade between Asia and the Middle East and a growing interest in commodities.

Highlighting 2008 as a year of success for DGCX, Nishat Bandali, chief marketing officer, DGCX said that the year-on-year volumes at the exchange grew 54%, with the total volume for 2007 being surpassed in the first eight months of 2008.

Addressing leading participants from the energy industry at a conference in Singapore, Bandali said, Increased commodity trade in emerging Asian economies, coupled with a global shift in capital to commodities, has fuelled the overall demand for commodity derivatives.

The exchange was also recently ranked first for relationship management and fee structure, and fourth overall among leading international exchanges by the Future & Options Week buy-side survey. In line with this trend, DGCX strengthened its product portfolio in 2008, providing market participants in Asia, the Middle East and beyond, with local arbitrage tools for a wider range of commodities, he said.