DGCX hit record volumes for WTI contract
Posted:23 June 2008
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Dubai Gold and Commodities Exchange (DGCX) have achieved record volumes for its new crude oil futures contract, the exchange said.
In three weeks, since the launch of West Texas Intermediate (WTI) contracts, approximately 3,500 contracts were traded as of 19 th June, surpassing the previous record of 2,813 contracts by over 20%. The average daily volumes traded were 1306 contracts.
This is equivalent to over $3.07 billion of business has been transacted making the crude contract launch the most successful in the exchange’s history, DGCX said.
"DGCX has consistently highlighted the benefits of transacted business in the region, whether that is from an efficiency or regulatory viewpoint,” said Malcolm Wall Morris, chief executive officer of DGCX.
"The recent launch and unparalleled success of our crude oil contracts further demonstrates our commitment to providing market participants globally with a choice of where and how they manage their price exposure.”
The launch of both WTI and Brent Crude Oil futures on DGCX last month makes the world's two most significant crude oil benchmarks available to both regional and international market participants, allowing them to benefit from trading and clearing transactions under the UAE.
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