The Dubai Gold and Commodities Exchange (DGCX) said its total traded volume for 2011 surpassed the three million contracts mark, a significant milestone in the history of the exchange.

The new volume mark takes the total volume achieved since inception to 9.11 million contracts, valued at $434.28 billion, the exchange said in a statement.

The trading volumes stood at 3,012,888 contracts on October 18, 2011 representing a total value of $144 billion and a 105 per cent increase on the YTD volume of 1,473,265 contracts achieved within the same period last year.

Commenting on the success, DGCX chairman Ahmed Bin Sulayem said, “Crossing this milestone demonstrates growing acceptance of DGCX as an exchange of choice for market participants.'

'Exceeding three million contracts in just 205 trading days is further evidence of the vast rise in demand for DGCX’s currency and commodity derivative products,' he added.

As global market volatility and economic uncertainty continue to prevail, DGCX offers some of the best tools in the region to manage currency and commodity price risks within a robust, secure and regulated environment, said Bin Sulayem.

'As our achievements grow, we can confidently say that the market participants are satisfied with our approach of introducing the right products at the right time.  This accomplishment augurs well for a strong annual performance,' he added.

Established in 2005, DGCX is the region’s first derivatives exchange and the only one allowing participants to clear and settle transactions within the UAE.

The Exchange has played a pioneering role in developing the market for derivatives in the Middle East.-TradeArabia News Service