DGCX Welcomes RAKBANK As New Trade Member
Fahad Shabbir (@FahadShabbir) Published October 22, 2019 | 10:30 PM
The Dubai Gold and Commodities Exchange,DGCX, today announced that RAKBANK has been listed as a new trade member of the Exchange
DUBAI, (UrduPoint / Pakistan Point News / WAM - 22nd Oct, 2019) The Dubai Gold and Commodities Exchange,DGCX, today announced that RAKBANK has been listed as a new trade member of the Exchange. The move underpins DGCX’s rapidly growing member community, and highlights the mounting interest from large, regionally based financial institutions to access the Exchange for hedging and investment opportunities.
RAKBANK is one of the most dynamic banks in the UAE, with its total assets reaching AED 57.3 billion as of 30th June 2019. It executed its first trade on the DGCX on 10th October, in the DGCX’s INR-Dollar Futures contract, DINR.
Les Male, CEO of DGCX, commented:"Building on the momentum of our expanding community, we are proud to welcome RAKBANK to the DGCX as one of our valued Trade Members. We are delighted to reinforce this relationship, which was first forged in 2017, and look forward to their active participation as we further enhance the liquidity of our derivatives market. As we approach the end of the year, we will seek to strengthen collaboration with other local investors, providing tools that improve their ability to protect and grow their portfolios.
"
In April of this year, the DGCX also announced that it plans to launch a Mini-Gold Futures product in partnership with RAKBANK, offering investors the chance to trade gold in smaller denominations. The contract will be denominated in 10 gram units, allowing customers from across the region to buy gold simply and securely through the DGCX platform Vikas Suri, Managing Director-Treasury,RAKBANK, said: "We are excited to join the DGCX as a Trade Member and gain access to the diverse range of risk-management and investment tools offered by the Exchange. The DGCX is a proven highly liquid derivatives market with a robust regulatory framework and its own clearing house, which provides a secure trading and settlement environment. RAKBANK is extremely confident in our membership with DGCX as it will add great value to our business and enhance our bullion portfolio."
In the third quarter of 2019, the DGCX traded over 7.98 million contracts valued at over USD 133 billion, to register its best quarter since inception. The DGCX currently offers contracts across four product portfolios: currencies; equities; hydrocarbons; and metals.
Related Topics
Recent Stories
PSX achieves significant milestone, surpasses 72,000 mark
Pak Vs NZ T20I: Orphaned children extended special invitation to watch match
Finance Minister lauds UNDP’s unwavering support during floods
President Raisi leaves for Iran from Karachi
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 24 April 2024
Today Gold Rate in Pakistan 24 April 2024
Punjab CM inaugurates Pakistan’s first Virtual Women Police Station
Dutch model Donny Roelvink embraces Islam
Experts raise concerns over introduction of 10-stick packs
Iranian president arrives in Karachi
Law Minister expresses Govt's resolve to address issue of missing persons
Rizwan’s batting order may be changed: Sources
More Stories From Middle East
-
UAE announces ‘Zero Bureaucracy Program’ to reduce bureaucracy
3 months ago -
COP28 President-Designate welcomes Transitional Committee agreement to operationalise Loss and Damag ..
6 months ago -
Global Media Congress 2023 to feature Co-Production Majlis as a new networking platform
6 months ago -
Young female athletes shine at Abu Dhabi World Youth Jiu-Jitsu Championship
6 months ago -
King of Jordan receives Abdullah bin Zayed and ministers participating in Arab coordination meeting
6 months ago -
Abdullah bin Zayed participates in coordination meeting of Arab foreign ministers, joint meeting wit ..
6 months ago
-
3rd annual conference of Emirates Society of Clinical Microbiology kicks off in Dubai
6 months ago -
SIBF 2023 hosts Nobel laureate to discuss emergence of ‘Afrofuturism’ in global discourse
6 months ago -
ALC announces winners of Kanz Al Jeel Award 2023
6 months ago -
SIBF turns spotlight on remarkable contributions of women
6 months ago -
Global assets in spot bitcoin ETFs hit $4.16 billion
6 months ago -
Rescuers struggle to find Nepal quake survivors as deaths reach 157
6 months ago