· Advanced trading and clearing platform will enable DGCX to expand product offerings and attract new traders
· The new platform facilitates greater efficiency and liquidity in the DGCX marketplace by offering ultra-fast matching and real-time clearing
· Provides a new risk management benchmark worldwide by integrated trading and clearing in real-time
Dubai Gold & Commodities Exchange (DGCX) today announced that its new trading platform, the EOS Trader Platform, has gone live. The activation of the EOS Trader Platform marks the completion of DGCX’s new technology infrastructure.
The advanced platform will provide DGCX’s growing Member community with superior transaction speeds, more efficient means to access liquidity, higher reliability, enhanced trading flexibility and global connectivity. The upgrade will provide low latency network access, world-class risk-management, surveillance and clearing capabilities.
In 2012, the Exchange partnered with Cinnober, one of the world’s leading trading technology providers, to develop an advanced technology platform designed to support DGCX Members’ increasingly sophisticated trading requirements. DGCX’s internal expertise, combined with Cinnober’s cutting-edge technology and skills, will enable the Exchange to enhance its competitiveness and support its vision to transform the region’s derivatives market.
The new technology gives the Exchange the ability to offer contracts in multiple currencies including UAE dirhams – making it possible for users to provide quotes in multiple currencies. DGCX will also be able to offer 24-hour market support on the new platform, enhancing the value it offers Members and also in attracting new business opportunities from retail, institutional and high-frequency traders (HFTs).
Gary Anderson, CEO of Dubai Gold & Commodities Exchange said: “We are delighted to have completed the implementation of our new technology infrastructure. The feedback we have received from our Members and the wider trading community has been very encouraging. The new trading technology provides cost effective services and enables Members to place, cancel and modify all their orders quickly, substantially enhancing overall efficiency and reducing risks. DGCX has ambitious growth plans and we are confident that the new platform will support the expected volume growth and the launch of new and innovative products on the Exchange.”
The core trading and clearing applications of DGCX’s new technology infrastructure are built on Cinnober’s TRADExpress platform, a multi-asset solution that delivers market-leading functionality, speed and throughput capacity.
Commenting on the successful implementation of the project, Veronica Augustsson, CEO of Cinnober, said: “The new customized exchange platform, including trading, clearing and surveillance, will provide DGCX Members with a cutting-edge trading interface and state-of-the-art functionalities, and most importantly will enable them to monitor risk in real time. We are proud that our strategic collaboration will support DGCX’s leadership role in developing and shaping the regional derivatives market.”
Established in 2005, DGCX is the region’s first derivatives exchange and the only one allowing participants to clear and settle transactions within the Gulf region. The Exchange has played a pioneering role in developing the regional market for derivatives. DGCX is a Dubai Multi Commodities Centre (Dubai Government) initiative in partnership with Financial Technologies (India) Limited and Multi Commodity Exchange of India Limited (MCX). It is an electronic commodity and currency derivatives exchange with 230 members from across the globe, offering futures and options contracts covering the precious metals, energy and currency sectors. For more information: www.dgcx.ae
About Cinnober Financial Technology AB
Cinnober provides mission-critical solutions and services to leading trading and clearing venues, including exchanges, clearinghouses, banks and brokers. Cinnober’s solutions are based on the TRADExpress™ Platform incorporating everything needed for mission-critical solutions in terms of performance, robustness and flexibility. The portfolio of offerings includes price discovery and matching, real-time risk management, clearing and settlement, index calculation, data distribution and surveillance. Cinnober’s customers include Alpha Exchange, Borsa Italiana, BM&FBOVESPA, Burgundy, Deutsche Börse, Dubai Gold & Commodities Exchange, Eurex, Hong Kong Mercantile Exchange, London Metal Exchange, LME Clear, Markit BOAT, NYSE Liffe, Stock Exchange of Thailand and Quadriserv. For additional information, please visit www.cinnober.com
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