The Dubai Gold and Commodities Exchange (DGCX) has elevated Gaurang Desai as its newest acting Chief Executive Officer (CEO), whose appointment is tendered with immediate effect, according to a DGCX statement.
In his new role as the CEO of the DGCX, Mr. Desai will be tasked with heading the exchange’s diverse operations in the Middle East and beyond. He will be based out of Dubai where he will be leading the development and execution of the group’s long-term strategy.
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Prior to the appointment, Mr. Desai originally served as the interim CEO of DGCX since last August, before being appointed as acting CEO this month. In addition to being an integral figure since the DGCX’s inception, Mr. Desai has served the group previously as its Chief Operating Officer (COO), dating back to 2005. Additional stops include India’s NCDEX as its Assistant Vice President.
According to Gautam Sashittal, DMCC CEO and DGCX Director, in a recent statement on the appointment, “We are delighted to appoint a key member of the DGCX team to this vital position, providing the company with the confidence that comes with continuity and ensuring DGCX continues the excellent delivery of pioneering products, platforms and services it has become known for.”
Earlier this month, the DGCX made headlines after reporting its metrics for the month ending July 2015, showing robust YoY growth from the same period last year. In particular, the DGCX reported average daily volumes (ADV) of 49,673 contracts during July 2015, corresponding to a 15% YoY jump from July 2014.