Dubai Gold & Commodities Exchange (DGCX) has launched its new trading platform, the EOS Trader Platform, completing the the Middle Eastern exchange’s new technology infrastructure.
The advanced platform which is provided by Scandinavian financial software company Cinnober Technology, will provide DGCX’s growing Member community with superior transaction speeds, more efficient means to access liquidity, higher reliability, enhanced trading flexibility and global connectivity. The upgrade will provide low latency network access, world-class risk-management, surveillance and clearing capabilities.
In 2012, the exchange entered a technology partnership with Cinnober to develop an advanced technology platform designed to support DGCX Members’ increasingly sophisticated trading requirements.
The new technology gives the Exchange the ability to offer contracts in multiple currencies including UAE dirhams – making it possible for users to provide quotes in multiple currencies. DGCX will also be able to offer 24-hour market support on the new platform, enhancing the value it offers Members and also in attracting new business opportunities from retail, institutional and high-frequency traders (HFTs).”
This could indeed be an indication of DGCX’s future plans to increase their offering to include further currencies over and above the Indian rupee.
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Gary Anderson, CEO of Dubai Gold & Commodities Exchange said: “We are delighted to have completed the implementation of our new technology infrastructure. The feedback we have received from our Members and the wider trading community has been very encouraging. The new trading technology provides cost effective services and enables Members to place, cancel and modify all their orders quickly, substantially enhancing overall efficiency and reducing risks.”
“DGCX has ambitious growth plans and we are confident that the new platform will support the expected volume growth and the launch of new and innovative products on the Exchange.”
Mr Anderson indicated in an Executive Interview with Forex Magnates that part of DGCX’s corporate direction for 2013 is to increase the reach to the exchange for Indian rupee contracts, as well as offer a platform for offshore trading of emerging market currencies.
The core trading and clearing applications of DGCX’s new technology infrastructure are built on Cinnober’s TRADExpress platform, a multi-asset solution that delivers market-leading functionality, speed and throughput capacity.
Commenting on the successful implementation of the project, Veronica Augustsson, CEO of Cinnober, said: “The new customized exchange platform, including trading, clearing and surveillance, will provide DGCX Members with a cutting-edge trading interface and state-of-the-art functionalities, and most importantly will enable them to monitor risk in real time. We are proud that our strategic collaboration will support DGCX’s leadership role in developing and shaping the regional derivatives market.”