This announcement follows the news that the DGCX has just completed 100 eventful days of live trading with 40893 contracts exchanged in March 2006 with on average 2128 gold futures contracts traded in each day in April. Similar success has been achieved with silver, an average of 1264 silver futures contracts have been traded per day. The DGCX has also announced that currency futures contracts will soon be launched.
Headquartered in London, HSBC is one of the largest banking and financial services organisations in the world. HSBC's international network comprises over 9,500 offices in 76 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. HSBC provides a comprehensive range of financial services: personal financial services; commercial banking; corporate, investment banking and markets; private banking; and other activities.
The HSBC Group’s history in the bullion market can be traced back to 1853 when Samuel Montagu & Co. Limited, member of the HSBC Group, was established. Samuel Montagu was a founding member of the silver fixing in 1897 and gold fixing in 1919. HSBC is a market making member of the London Bullion Market Association (LBMA) and the London Platinum and Palladium Market (LPPM). HSBC has been ranked as the number one dealer in gold and silver every year since 2003 in the prestigious Risk Magazine annual survey.
DGCX Chairman, Colin Griffith, said, “Frankly, there is no better endorsement of the success to date, and the potential of the DGCX than us being in a position to confirm that an institution of the stature of HSBC has joined as a Precious Metals Trade member.
With gold continuing to trade at record levels and being front page news around the world, the eyes of the global commodities trading community are very much on Dubai and the DGCX. With HSBC on board and committed to the DGCX we can only see our influence and importance develop.”
David King Managing Director, Business Development, Corporate, Investment Banking and Markets commented: “I am delighted that HSBC has become a Trade Member of the Dubai Gold & Commodities Exchange (DGCX).
