DGCX to offer Shariah spot gold contract
The Dubai Gold and Commodities Exchange (DGCX) will foray into Islamic finance sector and is also looking at offering more products from Fast Eastern countries, said a senior official.
Meng Chan Shu, director of business development at DGCX, said that the exchange is looking at launching the Shariah Spot Gold contract as soon as possible and is also looking to add stocks and commodities from Far Eastern countries.
Gaurang Desai, CEO of DGCX, said that they have already earmarked a launch date for Sharia gold product, which will be announced in due course. "The launch of the Sharia gold product is of the utmost significance to us because a product of this kind is uncommon in the derivatives industry and we want to make sure that we do it right, and all efforts have been put in place to ensure that outcome," Gaurang said.
Encouraged by strong investor appetite and robust trading performance on its existing Indian Single Stock Futures (SSF), DGCX launched an additional 44 blue-chip Indian futures in November. With the listing of additional Indian SSFs, local and regional traders can now participate in the price performance of numerous stocks that fall within the major indices in India.
Shu said the exchange will be further expanding its offering but right now it also wants to focus more on what it has.
During 2017, DGCX saw its total volume trade reaching 17,439,658 lots with a total value of $404.7 billion. The highest daily volume was recorded on September 27 when it saw 202,571 lots. Last year, it launched Shanghai Gold, Calendar Spreads, and more Indian single stock figures.
"Our strategy for 2018 is to keep progressing, moving forward with our goals while continuing to hold innovation at the core of what we do. Similar to last year, our focus will remain on expanding our asset class verticals, growing our member base, increasing our partnerships, strengthening our capabilities, and paving the way for more accolades and regulatory recognition," Gaurang said.
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