Dubai Gold and Commodities Exchange has notched up impressive growth in 2008 despite the doom and gloom associated with the global financial crisis. A broad product offering and diverse customer base have enabled the three-year-old exchange to register trade volumes surpassing one million contracts valued at $57.5 billion (Dh211bn) in the past year, said Malcom Wall Morris, Chief Executive Officer of DGCX. This is a rise of more than 26 per cent on the previous year and has helped in turning DGCX into a leading commodity derivatives exchange in the region. In this interview with Emirates Business, Morris enumerates the challenges lying ahead for the exchange, the global commodity markets and the effects of current liquidity crunch on the markets.
The global commodity markets underwent a volatile phase in 2008. As the head of the youngest commodity exchange, how do you see the role and performance of commodity exchanges like DGCX in the future? What are the major challenges and opportunities awaiting DGCX in the current global context?
In the three years since DGCX began operations, we have listed a wide portfolio of contracts, covering precious metals, energy, currencies and alloys and have succeeded in attracting almost 230 members. This broad product offering and diverse customer base have enabled us to become the leading commodity derivatives exchange in the region, resulting in trade volumes surpassing one million contracts in 2008, a rise of over 26 per cent on the previous year.
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