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Dubai 22-10-2019
Dubai Gold & Commodities Exchange (DGCX) today announced the listing of RAKBANK as a new trading member.
The move marks the fast-growing DGCX community of members and underscores the growing interest shown by the region’s large financial institutions to take advantage of the exchange’s hedging and investment opportunities.
RAKBANK, one of the most dynamic banks in the UAE with total assets of AED 57.3 billion on June 30, 2019, concluded its first trading transaction on the Dubai Gold and Commodities Exchange (DGCX) on October 10 in the Indian Rupee / US Dollar futures contract.
The CEO of the Dubai Gold and Commodities Exchange (DGCX), welcomed the entry of RAKBANK to the DGCX as one of the distinguished trading members of our growing community, expressing his delight at strengthening the relationship that started with the bank in 2017 and looking forward to its active participation as the exchange works on To enhance liquidity in our derivatives market, he stressed the keenness towards the end of the year to consolidate relations of cooperation with local investors and provide them with the necessary tools to upgrade their capacity to protect and develop their portfolios.
In April, the DGCX announced plans to launch a mini gold futures contract in partnership with RAKBANK to offer investors the opportunity to trade gold in smaller categories. The value of the contract will be equivalent to units of 10 grams of gold, allowing Customers from all over the region purchase gold easily and securely through the DGCX platform.
Vikas Suri, General Manager of Treasury at RAKBANK, said he was delighted to join the Dubai Gold and Commodities Exchange (DGCX).
“ The DGCX is a highly liquid derivatives market with a strong regulatory framework and its own clearing house providing a safe trading and settlement environment.We at RAKBANK are confident that our membership in the DGCX will add great value to our business and strengthen our bullion portfolio.
During the third quarter of 2019, the DGCX traded over 7.98 million contracts valued at over US $ 133 billion, marking its best quarterly performance since its inception. DGCX currently offers contracts across four product portfolios: currencies, equities, oil, gas and metals products. .
