DGCX to list Israeli Shekel futures
DUBAI, June 8, 2022
Dubai Gold and Commodities Exchange (DGCX), the region’s leading derivatives exchange, today confirmed that it will list the Israeli Shekel Futures Contract - DILS on June 17.
The move reflects DGCX’s strategic focus on diversifying its product offering in the FX space as it grows its currency segment. According to data from Thomson Reuters, the Israeli Shekel is the top performing emerging markets currency since the pandemic impacted financial markets in early 2020.
Les Male, CEO of DGCX, said: “We are delighted to launch the Israeli Shekel Futures Contract, which is a major step that builds on the United Arab Emirates’ strategic relationship with Israel. As the second largest trading hub after the United States, Israel represents an important market for us, and we see the renewed ties between the countries leading to strong currency volume growth over the coming years.”
The listing of Shekel Futures follows after DGCX received a permit from the Israel Securities Authority (ISA) in 2021, enabling qualified Israeli corporations who trade on a proprietary basis to become members of the DGCX and to use its trading services. Since May 2021, Israeli members have also been allowed to act as market makers on the DGCX platform.
“The new product enhances our ability to offer market participants with a greater depth of liquidity across our key currencies, as well as offer a diverse range of instruments to meet their hedging and risk requirements. As we look to expand our role as the leading Middle East exchange for the trading of commodities, energy, equities and currencies, the listing of DILS is strategically important; a key entry for us as we set out to provide more options for institutional traders on the DGCX,” Male added.
Additionally, the DGCX will participate at the ‘FOW Trading Israel’ event in Tel Aviv, organised by Futures & Options World (FOW) on June 28. As a silver sponsor of the event, Les Male, CEO of DGCX will be speaking in a vital panel discussion talking about cross-border opportunities. - TradeArabia News Service