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Tue 5 Jan 2010 08:36 PM

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Dubai exchange posts record 2009 volumes

Full year trade up 31.6% from 2008, with trade value for 2009 reaching $79bn.

Currency and oil future trading gave the Dubai Gold and Commodities Exchange (DGCX) its best year yet in terms of both the volume and value of contracts traded in 2009, the DGCX said on Tuesday.

Full year trade hit 1.5 million contracts, up 31.6 percent on 2008. The value of the trade was $79 billion in 2009, the DGCX said.

Currency futures trade rose 132 percent on the year, while crude futures rose by 140 percent.

In a statement, Eric Hasham, CEO of DGCX, said: "We are confident that there is significant potential to grow existing contracts and launch new products, to further capture market opportunities and liquidity in the Middle East and beyond."

The DGCX hosts trade in gold, oil, currency and steel futures, and is aiming to become a major commodities centre in the Gulf Arab region.

In December, 181,105 contracts were traded, an increase of 529 percent from December 2008, when the global financial crisis hit trade hard.

Still, volatility in markets and the tightening of credit also attracted trade as risk management became more of a priority among investors, said Ahmed Bin Sulayem, chairman of the DGCX.

Sulayem said he expected the DGCX's robust performance to continue in 2010. (Reuters)

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