DGCX’s Dubai India Crude Oil Futures Named Best New Derivatives Contract by FOW Global Investor
Gaurang Desai, Chief Executive Officer of the DGCX, receiving the award.
Dubai, 24th September 2017: The Dubai Gold and Commodities Exchange’s Dubai India Crude Oil Futures (DICO) contract has been recognised as the ‘Best New Derivatives Contract’ at this year’s FOW Global Investor Asia Capital Markets Awards 2017.
The ceremony took place at the Marina Mandarin Hotel in Singapore and gathered the trading and derivatives industry’s leading experts to receive awards highlighting innovation, excellence and outstanding performance over the past year.
The Best New Derivatives Contract award category is open to contracts that were launched between May 2016 and May 2017 and aims to recognize a futures or options contract that filled a market need in a novel and innovative way.
Gaurang Desai, Chief Executive Officer of the DGCX, attended the awards ceremony and commented on the win: “I am pleased to receive this award for the second consecutive year from FOW Global Investor on behalf of DGCX, this is a win for the entire DGCX community of members, traders and my colleagues at DGCX. DICO allows participants to trade in a Crude Oil Futures benchmark referencing the Indian Rupee, whilst trading in US Dollars, meaning that the benefits of the contract extend way beyond just local markets, providing access to key Indian markets.”
Paired with the DGCX’s existing INR currency suite and WTI offerings, the DICO futures contract draws a stronger appeal to existing contracts on other exchanges which are of a differing size. The DICO contract helps facilitate price discovery by new and existing market participants, offering protection and hedging opportunities to an increasingly motivated trading community.
The product design of DICO brings together both the DGCX WTI prices and the flagship USDINR contract. The launch of this product ensured members no longer needed to access multiple markets to trade, whilst also providing the additional benefits of margin offsets against existing DGCX contracts.
“At DGCX, we are committed to expanding our global reach by introducing innovative products that are relevant for our members, and being recognised for our efforts to do so is a motivation for us to continue focusing on our long-term goals,” Desai added.
The Asia Capital Markets Awards are an expansion of FOW’s Awards for Asia program and represent the largest, buyside-led capital markets awards in Asia. The categories are multi-asset class and recognise the very best achievements across the Asian capital market industries.
About DGCX: Established in 2005, DGCX is the region’s leading derivatives exchange and the only one allowing global participants to trade, clear and settle transactions within the Gulf region. The Exchange has played a pioneering role in developing the regional market for derivatives and financial infrastructure. DGCX is an electronic commodity and currency derivatives exchange with over 200 members from across the globe, offering futures and options contracts covering the precious metals, energy, equities and currency sectors. DGCX is a subsidiary of DMCC (Dubai Multi Commodities Centre), a Dubai Government Authority for trade, enterprise and commodities. For more information: www.dgcx.ae
DGCX also owns and operates the region’s largest and only multi-asset Clearing House – Dubai Commodities Clearing Corporation (DCCC). DCCC is federally regulated by the Securities & Commodities Authority (SCA) and is recognized as a Third-Country CCP by European Securities Markets Authority (ESMA) with over 90 clearers from across the globe. For more information: www.dccc.co.ae
Meng Chan Shu
Director of Business Development and Sales
Dubai Gold and Commodities Exchange
Tel: +971 4 361 1660
Dhanya Issac/Lara Batato
Weber Shandwick PRs
Tel: +971 4 445 4222
Email: firstname.lastname@example.org or email@example.com