Dubai Gold and Commodities Exchange (DGCX) last week made its bid to become a major commodity futures market with the launch of its first contract, in gold.
On the first day of trading a total of 126 lots traded across all expiries, the most active, February, contract providing about half of that volume.
DGCX's 13-hour trading bridges the divide between business hours in Tokyo and London, something market sources said would provide good arbitrage opportunities for traders.
However, a source at one member firm told FO Week that the new exchange...