DGCX Declares RAKBANK as its New Trade Member

SEATTLE (Scrap Monster): The Dubai Gold and Commodities Exchange (DGCX) listed RAKBANK as a new Trade Member of the Exchange. The new addition signals rapid growth in membership over the past few years. It also testifies the growing interest from domestic financial institutions to participate in the hedging and investment opportunities offered by the Exchange.

Les Male, CEO, DGCX stated that the Exchange is proud to welcome RAKBANK as one of its valued Trade Members. DGCX looks forward to their active participation, especially at a time when the Exchange ponders liquidity enhancement plans of its derivatives market. Furthermore, the Exchange will seek to strengthen its collaboration with other local investors in future, in support of its drive to expand membership-p- community by offering innovative products, Male added.

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Meantime, Vikas Sury, MD-Treasury, RAKBANK noted that the bank is excited to join the Exchange as a Trade Member, which in turn will help them to gain access to the diverse tools offered by the Exchange. The membership with DGCX will add great value to its business and enhance its bullion portfolio, Suri said.

Incidentally, RAKBANK had executed its maiden trade on the Exchange on 10^th October this year in INR-Dollar Futures Contract. The bank, one of the most dynamic banks in the country, has reported total assets worth AED 57.3 billion as of June 30, 2019.