The Dubai Gold & Commodities Exchange (DGCX) is a financial and commodity derivatives exchange located in Dubai, the United Arab Emirates. DGCX commenced trading in November 2005 as the first derivatives exchange in the Middle East and North Africa (MENA) region. The Exchange is owned by the Dubai Multi Commodities Centre (DMCC).
The Chairman of the Exchange is Ahmed Bin Sulayem and the Chief Executive Officer is Les Male.[1]
DGCX trades in a wide range of derivatives contracts. The DGCX Gold Futures, when launched in 2006, introduced a new pricing benchmark for gold in the UAE – the One kilo bar gold futures contract. In 2007, DGCX launched the world's first Rupee Futures contract, which has seen rapid volumes growth over the last few years driven primarily by demand from the GCC's large non-resident Indian community.
Other products include the world's first steel rebar futures contract (2007); the MENA region's first Copper Futures contract (2012), and the region's first WTI and Brent Oil futures contracts. DGCX's portfolio of currency futures contracts also includes Australian Dollar/US Dollar, Canadian Dollar/US Dollar, Swiss Franc/US Dollar, Euro, British pound, Japanese Yen and Indian Rupee futures.
DGCX launched an Options Contract for the Indian Rupee in 2011. The contract is today the only exchange-traded Indian Rupee Options product offered outside India.[2]
Clearing House
The Exchange provides clearing service through the Dubai Commodities Clearing Corporation (DCCC), a 100% owned subsidiary of DGCX.[3] On 6 February 2024, the Joint Board of Appeal (“the Board”) of the European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) withdrew the recognition of DCCC as a Tier 1 third-country central counterparty (CCP) over money laundering concerns. The decision was a result from the European Commission's inclusion of the UАЕ on the list of high-risk third countries due to strategic deficiencies in their national anti-money laundering and counter-financing of terrorism (“AML/CFT”) regime, as outlined in Commission Delegated Regulation (EU) 2016/1675.[4]
Membership
Over 80% of DGCX's current membership base of 267 is from the Middle East and the Indian subcontinent. [citation needed]The remainder is from the US and Europe. DGCX members are from financial centres such as London, Chicago, Auckland, Mumbai and Karachi.
Electronic Trading Platform
DGCX announced a partnership with Cinnober, in June 2012, to develop a new trading platform, which DGCX hopes will further drive efficiency and liquidity in the DGCX marketplace.[5]
