The Dubai Gold and Commodities Exchange (DGCX), a UAE derivatives bourse, has gone international with its DGCX Shanghai Gold Futures (DSGC), launching the product globally for the first time after a deal with the Shanghai Gold Exchange, according to a DGCX statement.
The development follows on the heels of last October, when the DGCX originally obtained a license from the Shanghai Gold Exchange to list ‘DGCX Shanghai Gold Futures’. The exchange’s most recent product iteration will see its Shanghai Gold Futures, a yuan-denominated contract, deployed across international markets for the first time.
Why Ethereum Needs Layer 2 Solutions More Than EverGo to article >>
The expansion of Shanghai Gold Exchange takes place amidst a rising demand for the product, which has been evident looking at the past few DGCX monthly volumes reports. More specifically, the offering of Shanghai Gold Futures on an international stage helps cater to a potential market of over 10 million customers, bridging access to the global bullion market.
According to Ahmed Bin Sulayem, Chairman of the DGCX and Executive Chairman of DMCC, in a statement on the launch: “The listing of the Shanghai Gold Futures contract on DGCX is a landmark development. With the launch of this contract, all key bullion price indicators are accessible on a single platform, with significant margin efficiencies. We are delighted to further this partnership with the Shanghai Gold Exchange, today the largest bullion market in the world.”
“This is a significant milestone for DGCX and we are truly delighted to be the first and only Exchange in the world to introduce a Chinese gold-backed derivative product in international markets,” explained Gaurang Desai, CEO of DGCX, in an accompanying statement.
“By trading DSGC, members and participants of the DGCX can access the Chinese bullion market which until now was difficult to access for foreign participants. The product will also open doors for other traders who don’t currently trade on DGCX but are keen to access the Chinese bullion market.”