The Dubai Gold and Commodities Exchange
(DGCX) has cut two deals to boost electronic trading and
market-making on the Gulf commodities and currency market.
DGCX said on Tuesday it has reached an
agreement with high-frequency trading tech firm Avelacom to
provide existing and potential new members with hosting and
The partnership will leverage
Avelacom’s new trading hub in Dubai that provides
milli-second connections to the world’s top
trading centres such as Singapore, London and Chicago.
Gaurang Desai, the chief executive of
DGCX, said: "Our partnership with Avelacom continues to endorse
our commitment to offer our members global access to the
world’s leading trading technology solutions."
Aleksey Larichev, a managing director at
Avelacom, added: "We intend to service the requirements of our
existing client base as well as win new business in the Middle
East because of rising demand for low latency connectivity and
infrastructure solutions for trading.
The DGCX pact with Avelacom emerged less
than a day after the Dubai market said ABN Amro Clearing, one
of the world’s top futures and options clearing
houses for prop traders and market-makers, had become a special
clearing member in its clearing house Dubai Commodities
Desai said: "ABN Amro is a global leader
in clearing services and its addition to the DGCX community
further demonstrates our ability to offer a platform for
international banks to expand and build their global footprint
in this region."
Martin Frewer, global director, principal
trading group, at ABN, added: "Our broad client base of
liquidity providers will now be able to take advantage of our
correlated risk tools for optimising collateral in a new
jurisdictions and be able to bring the DGCX’s
suite of products into their global portfolios."
DGCX has seen its volumes spike this year
with year-to-date volumes until the end of August up 43% to
almost 13 million contracts, according to Euromoney
Its Indian Rupee currency and gold
contract are its top performing products in 2016, according to