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DGCX announces listing of RAKBANK

DGCX announces listing of RAKBANK
This step bolsters DGCX’s expanding member community
RAKBANK
RAKBANK
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UAE - Mubasher: The Dubai Gold and Commodities Exchange (DGCX) on Tuesday announced it has welcomed the listing of the UAE-based National Bank of Ras Al Khaimah (RAKBANK) as a new trade member of the exchange.

This step bolsters DGCX’s expanding member community and highlights the growing interest from large, regionally based financial institutions to access the exchange for hedging and investment opportunities, according to a press release.

On 10 October, RAKBANK had executed its first trade on the DGCX in the exchange’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, the DGCX revealed that it seeks to launch a Mini-Gold Futures product in collaboration with RAKBANK, which will enable investors to trade gold in smaller denominations.

The contract, to be denominated in 10-gram units, will allow customers from across the region to buy gold seamlessly and securely through the DGCX platform.

Vikas Suri, Managing Director-Treasury, 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.”

It is worth noting that the DGCX had traded over 7.98 million contracts valued at over $133 billion in the third quarter of 2019, recording its best quarter since inception.