crosses and exotics
5 days a week
& no re-quotes
Gold is one of the oldest and well-known products used for investment in the history of human existence. The investments in gold have traditionally been to hedge against inflation. For majority of the diversified investment funds, gold is a must have product in the portfolio.
Copper is a malleable, ductile, metallic element having a characteristic reddish-brown color: used in large quantities as an electrical conductor and in the manufacture of alloys, as brass and bronze. Copper is found as a pure metal in nature, and this was the source of the first metal to be used by humans, ca. 8,000 BC; it was the first metal to be smelted from its ore, ca. 5,000 BC; it was the first metal to be cast into a shape in a mold, ca. 4,000 BC; and it was the first metal to be purposefully alloyed with another metal, tin, to create bronze, ca. 3,500 BC
Copper contract on DGCX platform offers international benchmark pricing contract for investors, speculators, hedgers and arbitragers.
Gold is one of the oldest and well-known products used for investment in the history of human existence. The investments in gold have traditionally been to hedge against inflation. For majority of the diversified investment funds, gold is a must have product in the portfolio.
DGCX Gold futures contract provides the international benchmark pricing Gold contract for investors, speculators, hedgers and arbitragers. Gold futures contract was the first contract launched on DGCX platform in 2005 and has traded more than 5.4 million lots since then.
Indian household are known to use a big part of their savings in buying Gold and Silver. This is primarily due to easy and historic understanding of physical bullion and lack of awareness and understanding of other key asset classes like equity, fixed income etc. In recent years silver consumption in India has significantly increased with a push on solar energy and household buying.
DGCX India Silver Quanto Futures contract will trade before start and after closure of Indian market hours, which will provide a unique opportunity for traders to discover price and trade in the Silver contract on basis of the information available to them for all international and national event.
India is well known as the biggest Gold importing country in the world. Love for Gold in India goes back millenniums and Indian households are estimated to be holding 22.000 MT of Gold. India has a well-developed gold cash market. The India Gold Quanto futures contract on DGCX platform provides a price discovery and trading avenue for the industry participants for Gold traded in India.
DGCX trades before start and after closure of Indian market hours, which will provide a unique opportunity for traders to discover price and trade in the contract on basis of the information available to them for all international and national events.
Dubai is known as the city of gold. Some of the traditional issues for the Gold market here in Dubai are price discovery and basis risk management. The introduction of a spot gold contract on DGCX will create significant value to the physical market participants, enabling them to manage their risk appetite and facilitate a combination of strategies that can be deployed on both futures and spot platform to provide the desired yield.
One of the key benefits the DGCX Spot Gold Contract provides for the bullion trading industry is facilitating netting benefits on a single platform. Participants across the spectrum have better counterparty risk management tools and this provides a platform to gold investors to derive another revenue stream for their investments. Once launched and established, the DGCX spot Gold contract will attract participants from overseas and locally due to availability of a regionally relevant price benchmark.
Silver is usually termed as poor man’s Gold. A soft, white, lustrous transition metal, it possesses the highest electrical conductivity, thermal conductivity, and reflectivity of any metal. The metal occurs naturally in its pure, free form (native silver) and as an alloy with gold and other metals. Most silver is produced as a byproduct of copper, gold, lead, and zinc refining. Silver has been used for thousands of years for ornaments and utensils, trade, and as the basis for many monetary systems. Its value as a precious metal was long considered second only to gold.
Silver futures contract was the second contract launched on DGCX platform and offers international benchmark pricing contract for investors, speculators, hedgers and arbitragers.
Indian Rupee – Options contracts is an logical extension of the of the Indian Rupee Futures. The options contracts allow market participants to hedge their Indian Rupee exposures using various option strategies as well as a combination of futures and options.
Dubai Gold and Commodities Exchange is the first exchange offshore to offer option contracts. Options allow participants to take a call on the underlying Indian Rupee by paying a small premium, while the option writer can benefit by taking a view on the underlying volatility of the Indian Rupee.
DGCX Single Stock Futures (SSF) is the first International equity futures product in the Middle East. It provides a proxy to the price performance of global blue chip shares. Participants can replicate their trading and investment strategies using contracts that are traded on the DGCX platform and settled in cash.
DGCX SSF caters to the need of speculators and investors seeking offshore exposure to blue chips stocks. These include institutional and private investors, investment funds, Hedge Funds seeking opportunities to trade and gain exposure to the price movements of international equities. Participants can go long (Buy SSF) or go short (Sell SSF) to trade a view or hedge an underlying investment position.
SSF Contract Features:
SSF Contract Uses:
DGCX Single Stock Futures (SSF) is the first International equity futures product in the Middle East. It provides a proxy to the price performance of global blue chip shares. Participants can replicate their trading and investment strategies using contracts that are traded on the DGCX platform and settled in cash.
DGCX SSF caters to the need of speculators and investors seeking offshore exposure to blue chips stocks. These include institutional and private investors, investment funds, Hedge Funds seeking opportunities to trade and gain exposure to the price movements of international equities. Participants can go long (Buy SSF) or go short (Sell SSF) to trade a view or hedge an underlying investment position.
SSF Contract Features:
SSF Contract Uses:
DGCX Single Stock Futures (SSF) is the first International equity futures product in the Middle East. It provides a proxy to the price performance of global blue chip shares. Participants can replicate their trading and investment strategies using contracts that are traded on the DGCX platform and settled in cash.
DGCX SSF caters to the need of speculators and investors seeking offshore exposure to blue chips stocks. These include institutional and private investors, investment funds, Hedge Funds seeking opportunities to trade and gain exposure to the price movements of international equities. Participants can go long (Buy SSF) or go short (Sell SSF) to trade a view or hedge an underlying investment position.
SSF Contract Features:
SSF Contract Uses:
DGCX Single Stock Futures (SSF) is the first International equity futures product in the Middle East. It provides a proxy to the price performance of global blue chip shares. Participants can replicate their trading and investment strategies using contracts that are traded on the DGCX platform and settled in cash.
DGCX SSF caters to the need of speculators and investors seeking offshore exposure to blue chips stocks. These include institutional and private investors, investment funds, Hedge Funds seeking opportunities to trade and gain exposure to the price movements of international equities. Participants can go long (Buy SSF) or go short (Sell SSF) to trade a view or hedge an underlying investment position.
SSF Contract Features:
SSF Contract Uses:
DGCX Single Stock Futures (SSF) is the first International equity futures product in the Middle East. It provides a proxy to the price performance of global blue chip shares. Participants can replicate their trading and investment strategies using contracts that are traded on the DGCX platform and settled in cash.
DGCX SSF caters to the need of speculators and investors seeking offshore exposure to blue chips stocks. These include institutional and private investors, investment funds, Hedge Funds seeking opportunities to trade and gain exposure to the price movements of international equities. Participants can go long (Buy SSF) or go short (Sell SSF) to trade a view or hedge an underlying investment position.
SSF Contract Features:
SSF Contract Uses:
DGCX Single Stock Futures (SSF) is the first International equity futures product in the Middle East. It provides a proxy to the price performance of global blue chip shares. Participants can replicate their trading and investment strategies using contracts that are traded on the DGCX platform and settled in cash.
DGCX SSF caters to the need of speculators and investors seeking offshore exposure to blue chips stocks. These include institutional and private investors, investment funds, Hedge Funds seeking opportunities to trade and gain exposure to the price movements of international equities. Participants can go long (Buy SSF) or go short (Sell SSF) to trade a view or hedge an underlying investment position.
SSF Contract Features:
SSF Contract Uses:
DGCX Single Stock Futures (SSF) is the first International equity futures product in the Middle East. It provides a proxy to the price performance of global blue chip shares. Participants can replicate their trading and investment strategies using contracts that are traded on the DGCX platform and settled in cash.
DGCX SSF caters to the need of speculators and investors seeking offshore exposure to blue chips stocks. These include institutional and private investors, investment funds, Hedge Funds seeking opportunities to trade and gain exposure to the price movements of international equities. Participants can go long (Buy SSF) or go short (Sell SSF) to trade a view or hedge an underlying investment position.
SSF Contract Features:
SSF Contract Uses:
DGCX Single Stock Futures (SSF) is the first International equity futures product in the Middle East. It provides a proxy to the price performance of global blue chip shares. Participants can replicate their trading and investment strategies using contracts that are traded on the DGCX platform and settled in cash.
DGCX SSF caters to the need of speculators and investors seeking offshore exposure to blue chips stocks. These include institutional and private investors, investment funds, Hedge Funds seeking opportunities to trade and gain exposure to the price movements of international equities. Participants can go long (Buy SSF) or go short (Sell SSF) to trade a view or hedge an underlying investment position.
SSF Contract Features:
SSF Contract Uses:
DGCX Single Stock Futures (SSF) is the first International equity futures product in the Middle East. It provides a proxy to the price performance of global blue chip shares. Participants can replicate their trading and investment strategies using contracts that are traded on the DGCX platform and settled in cash.
DGCX SSF caters to the need of speculators and investors seeking offshore exposure to blue chips stocks. These include institutional and private investors, investment funds, Hedge Funds seeking opportunities to trade and gain exposure to the price movements of international equities. Participants can go long (Buy SSF) or go short (Sell SSF) to trade a view or hedge an underlying investment position.
SSF Contract Features:
SSF Contract Uses:
The index is based on the MSCI Global Investable Indexes (GIMI) Methodology—a comprehensive and consistent approach to index construction that allows for meaningful global views and cross regional comparisons across all market capitalization size, sector and style segments and combinations. This methodology aims to provide exhaustive coverage of the relevant investment opportunity set with a strong emphasis on index liquidity, investability and replicability.
The index is reviewed quarterly—in February, May, August and November—with the objective of reflecting change in the underlying equity markets in a timely manner, while limiting undue index turnover. During the May and November semi-annual index reviews, the index is rebalanced and the large and mid capitalization cutoff points are recalculated.
Contract Features:
Contract Uses:
The index is based on the MSCI Global Investable Indexes (GIMI) Methodology—a comprehensive and consistent approach to index construction that allows for meaningful global views and cross regional comparisons across all market capitalization size, sector and style segments and combinations. This methodology aims to provide exhaustive coverage of the relevant investment opportunity set with a strong emphasis on index liquidity, investability and replicability.
The index is reviewed quarterly—in February, May, August and November—with the objective of reflecting change in the underlying equity markets in a timely manner, while limiting undue index turnover. During the May and November semi-annual index reviews, the index is rebalanced and the large and mid capitalization cutoff points are recalculated.
Contract Features:
Contract Uses:
DGCX Single Stock Futures (SSF) is the first International equity futures product in the Middle East. It provides a proxy to the price performance of global blue chip shares. Participants can replicate their trading and investment strategies using contracts that are traded on the DGCX platform and settled in cash.
DGCX SSF caters to the need of speculators and investors seeking offshore exposure to blue chips stocks. These include institutional and private investors, investment funds, Hedge Funds seeking opportunities to trade and gain exposure to the price movements of international equities. Participants can go long (Buy SSF) or go short (Sell SSF) to trade a view or hedge an underlying investment position.
SSF Contract Features:
SSF Contract Uses:
DGCX Single Stock Futures (SSF) is the first International equity futures product in the Middle East. It provides a proxy to the price performance of global blue chip shares. Participants can replicate their trading and investment strategies using contracts that are traded on the DGCX platform and settled in cash.
DGCX SSF caters to the need of speculators and investors seeking offshore exposure to blue chips stocks. These include institutional and private investors, investment funds, Hedge Funds seeking opportunities to trade and gain exposure to the price movements of international equities. Participants can go long (Buy SSF) or go short (Sell SSF) to trade a view or hedge an underlying investment position.
SSF Contract Features:
SSF Contract Uses:
DGCX Single Stock Futures (SSF) is the first International equity futures product in the Middle East. It provides a proxy to the price performance of global blue chip shares. Participants can replicate their trading and investment strategies using contracts that are traded on the DGCX platform and settled in cash.
DGCX SSF caters to the need of speculators and investors seeking offshore exposure to blue chips stocks. These include institutional and private investors, investment funds, Hedge Funds seeking opportunities to trade and gain exposure to the price movements of international equities. Participants can go long (Buy SSF) or go short (Sell SSF) to trade a view or hedge an underlying investment position.
SSF Contract Features:
SSF Contract Uses:
S&P BSE SENSEX, first compiled in 1986, was calculated on a “Market Capitalization-Weighted” methodology of 30 component stocks representing large, well- established and financially sound companies across key sectors. The base year of S&P BSE SENSEX was taken as 1978-79. S&P BSE SENSEX today is widely reported in both domestic and international markets through print as well electronic media.
It is scientifically designed and is based on globally accepted construction and review methodology. Since September 1, 2003, S&P BSE SENSEX is being calculated on a free-float market capitalization methodology.
DGCX Single Stock Futures (SSF) is the first International equity futures product in the Middle East. It provides a proxy to the price performance of global blue chip shares. Participants can replicate their trading and investment strategies using contracts that are traded on the DGCX platform and settled in cash.
DGCX SSF caters to the need of speculators and investors seeking offshore exposure to blue chips stocks. These include institutional and private investors, investment funds, Hedge Funds seeking opportunities to trade and gain exposure to the price movements of international equities. Participants can go long (Buy SSF) or go short (Sell SSF) to trade a view or hedge an underlying investment position.
SSF Contract Features:
SSF Contract Uses:
DGCX Single Stock Futures (SSF) is the first International equity futures product in the Middle East. It provides a proxy to the price performance of global blue chip shares. Participants can replicate their trading and investment strategies using contracts that are traded on the DGCX platform and settled in cash.
DGCX SSF caters to the need of speculators and investors seeking offshore exposure to blue chips stocks. These include institutional and private investors, investment funds, Hedge Funds seeking opportunities to trade and gain exposure to the price movements of international equities. Participants can go long (Buy SSF) or go short (Sell SSF) to trade a view or hedge an underlying investment position.
SSF Contract Features:
SSF Contract Uses:
DGCX Single Stock Futures (SSF) is the first International equity futures product in the Middle East. It provides a proxy to the price performance of global blue chip shares. Participants can replicate their trading and investment strategies using contracts that are traded on the DGCX platform and settled in cash.
DGCX SSF caters to the need of speculators and investors seeking offshore exposure to blue chips stocks. These include institutional and private investors, investment funds, Hedge Funds seeking opportunities to trade and gain exposure to the price movements of international equities. Participants can go long (Buy SSF) or go short (Sell SSF) to trade a view or hedge an underlying investment position.
SSF Contract Features:
SSF Contract Uses:
Dubai Gold and Commodities Exchange provides local participants with futures contracts in the world major six currencies that are the Euro (EUR), Pound Sterling (GBP), Japanese Yen (JPY), Swiss Franc (CHF), Canadian Dollar (CAD) and Australian Dollar (AUD) versus the USD.
These currency pairs are the most traded in the world. The exchange offers these contracts for hedging and trading in a secure and regulated environment, without remittance of and money overseas. The contracts are deliverable and hence ideal for corporate organization and trading companies to hedge their exposures.
Dubai Gold and Commodities Exchange provides local participants with futures contracts in the world major six currencies that are the Euro (EUR), Pound Sterling (GBP), Japanese Yen (JPY), Swiss Franc (CHF), Canadian Dollar (CAD) and Australian Dollar (AUD) versus the USD.
These currency pairs are the most traded in the world. The exchange offers these contracts for hedging and trading in a secure and regulated environment, without remittance of and money overseas. The contracts are deliverable and hence ideal for corporate organization and trading companies to hedge their exposures.
Dubai Gold and Commodities Exchange provides local participants with futures contracts in the world major six currencies that are the Euro (EUR), Pound Sterling (GBP), Japanese Yen (JPY), Swiss Franc (CHF), Canadian Dollar (CAD) and Australian Dollar (AUD) versus the USD.
These currency pairs are the most traded in the world. The exchange offers these contracts for hedging and trading in a secure and regulated environment, without remittance of and money overseas. The contracts are deliverable and hence ideal for corporate organization and trading companies to hedge their exposures.
Dubai Gold and Commodities Exchange provides local participants with futures contracts in the world major six currencies that are the Euro (EUR), Pound Sterling (GBP), Japanese Yen (JPY), Swiss Franc (CHF), Canadian Dollar (CAD) and Australian Dollar (AUD) versus the USD.
These currency pairs are the most traded in the world. The exchange offers these contracts for hedging and trading in a secure and regulated environment, without remittance of and money overseas. The contracts are deliverable and hence ideal for corporate organization and trading companies to hedge their exposures.
Dubai Gold and Commodities Exchange provides local participants with futures contracts in the world major six currencies that are the Euro (EUR), Pound Sterling (GBP), Japanese Yen (JPY), Swiss Franc (CHF), Canadian Dollar (CAD) and Australian Dollar (AUD) versus the USD.
These currency pairs are the most traded in the world. The exchange offers these contracts for hedging and trading in a secure and regulated environment, without remittance of and money overseas. The contracts are deliverable and hence ideal for corporate organization and trading companies to hedge their exposures.
Indian Rupee- United States Dollar Index futures contract is an extension of the Indian Rupee suite of derivatives. The Index contract is reflecting the USD INR rate of the Indian rupee and has a multiplier of 100 converting the rate into dollars. This allows the participants to capture the Indian Rupee volatility without taking any underlying exposure to the pair.
The contract is easy to understand because the price reflected in the Index is the internationally quoted USDINR convention.The Index nature of the contract causes the both USD and INR leg to be variable, providing extra beta to the contract making it very suitable for traders.
Indian Rupee- United States dollar futures contract is a part of the key initiative of the exchange to give access to currencies that are relevant to the region. India is one of UAE’s largest trade partner and Indian’s consist of over 30% of the total populace of UAE.
Indian economy is one of the fastest growing economies in the world and is ranked third in global GDP on a PPP basis. The Indian Rupee contract has attracted the attention of several global funds and organizations to hedge their Indian Rupee risk offshore in UAE
Dubai Gold and Commodities Exchange provides local participants with futures contracts in the world major six currencies that are the Euro (EUR), Pound Sterling (GBP), Japanese Yen (JPY), Swiss Franc (CHF), Canadian Dollar (CAD) and Australian Dollar (AUD) versus the USD.
These currency pairs are the most traded in the world. The exchange offers these contracts for hedging and trading in a secure and regulated environment, without remittance of and money overseas. The contracts are deliverable and hence ideal for corporate organization and trading companies to hedge their exposures.
Dubai is known as the city of gold. Some of the traditional issues for the Gold market here in Dubai are price discovery and basis risk management. The introduction of a spot gold contract on DGCX will create significant value to the physical market participants, enabling them to manage their risk appetite and facilitate a combination of strategies that can be deployed on both futures and spot platform to provide the desired yield.
One of the key benefits the DGCX Spot Gold Contract provides for the bullion trading industry is facilitating netting benefits on a single platform. Participants across the spectrum have better counterparty risk management tools and this provides a platform to gold investors to derive another revenue stream for their investments. Once launched and established, the DGCX spot Gold contract will attract participants from overseas and locally due to availability of a regionally relevant price benchmark.
Indian Rupee- Euro futures (INR-EUR) contract is an extension of the Indian Rupee suite of derivatives. The Index contract reflects the Euro rate as a cross with the Indian Rupee. The contract helps participants to trade the correlation between the Euro and the Indian Rupee.
It helps to capture the volatility of the Euro to specific events effecting the Euro. The contract is also covers the need of a large plethora of organizations and funds which have a Euro versus Indian Rupee exposure.
Indian Rupee – Pound Sterling futures (INR-GBP) contract is an extension of the Indian Rupee suite of derivatives. The Index contract reflects the Pound Sterling rate as a cross with the Indian Rupee. The contract helps participants to trade the correlation between the Pound Sterling and the Indian Rupee.
It helps to capture the volatility of the Pound Sterling to specific events effecting the Pound Sterling .The contract is also covers the need of a large plethora of organizations and funds which have a Pound Sterling versus Indian Rupee exposure.
Chinese Yuan- United States (USD-CNH) dollar futures contract is a part of the key initiative of the exchange to give access to currencies that are relevant to the region as well as be a one stop shop for emerging market currencies. The USD-CNH contract is relevant to the region as China is one of the largest trade partner of UAE. China is the second largest economy in the world and the largest economy by PPP standards.
The CNH was recently recognized by IMF as a reserve currency and is now a prominent member of the big three currencies. The CNH contract was launched in UAE in partnership with one of China’s leading bank who provide participants with access to liquidity.
South Korean Won – United States (USD-KRW) dollar futures contract is a part of the key initiative of the exchange to give access to currencies that are relevant to the region as well as be a one stop shop for emerging market currencies.
The USD-KRW contract is relevant to the region as Korea is one of the large trade partners of UAE. South Korea is also one of the most industrialized nations in Asia and the prominent player in the Global Economy.
Russian Ruble – United States (USD-RUB) dollar futures contract is a part of the key initiative of the exchange to give access to currencies that are relevant to the region as well as be a one stop shop for emerging market currencies.
The USD-RUB contract is relevant to the region as Russia is one of the largest trade partner of UAE, and lot of investment in UAE come from Russia and CIS. Many Russian companies have large presence in UAE.
South African Rand – United States (USD-ZAR) dollar futures contract is a part of the key initiative of the exchange to give access to currencies that are relevant to the region as well as be a one stop shop for emerging market currencies.
The USD-ZAR contract is relevant to the region as South Africa is one of the largest trade partner of UAE especially for the Diamond and Gold trade in the UAE. Many South African mining companies have large presence in UAE.
DGCX Brent Crude Oil Futures (DBRC) will allow DGCX participants to trade in the biggest Crude Oil benchmarks globally. Linking up the European referenced market to that of the Americas in WTI. The use of DBRC as a reference pricing mechanism extends far beyond the UK, Europe and other regional markets. The product design of DBRC brings one of the most heavily traded energy products to the DGCX. Alongside WTI, DBRC pricing accounts for over 50% of global supply, with price movements having an impact on prices in territories as far afield as the Middle East, China and the Americas.
Paired with the DGCX’s existing Hydrocarbons portfolio, the DBRC futures contract draws a greater appeal to existing contracts on other exchanges which are of a differing specification. The DBRC contract will help facilitate price discovery by new and existing market participants, offering protection and hedging opportunities to an increasingly motivated trading community.
Dubai India Crude Oil (DICO) will allow participants to trade in a Crude Oil futures benchmark referencing the Indian Rupee, whilst trading in US Dollars. The use of DICO as a reference pricing mechanism extends far beyond its local and regional markets. The product design of DICO brings together both the DGCX WTI prices and the flagship USDINR contract. With WTI pricing accounting for over 25% of global supply, the DICO futures contract provides accessibility to the Indian energy markets to a wider range of participants.
Paired with the DGCX’s existing INR currency suite and WTI offerings, the DICO futures contract draws a stronger appeal to existing contracts on other exchanges which are of a differing size. The DICO contract will help facilitate price discovery by new and existing market participants, offering protection and hedging opportunities to an increasingly motivated trading community.
WTI (West Texas Intermediary) is one of the premier oil benchmarks in the world. The use of WTI as a pricing mechanism extends far beyond its local and refined export markets. With production accounting for over 10% of global demand, and pricing accounting for over 25% of global supply, the DGCX mini WTI futures contract provides accessibility to the global energy market to a wider range of participants.
Paired with the DGCX’s existing USD currency suite, the Mini WTI futures contract will draw a stronger appeal to existing contracts on other global exchanges which are of a larger size. The DGCX Mini WTI contract size will help facilitate price discovery by new market participants, offering protection and hedging opportunities to all.
Price risk exists at all stages where materials are bought and sold in an industrial supply chain.The risk occurs from the timing difference between production and selling of the products. The risk is greater when the supply chain is not fully integrated. Price volatility is a significant issue for the plastics industry and it exposes all participants to risk.
One of the principal functions of the DGCX Plastics contract is to allow participants in the petrochemicals to discover prices which can be used as a reference or pricing for physical transactions. DGCX prices are the result of trading on the exchange platform, conducted and channeled through the DGCX member firms, and therefore representative of real deals between buyers and sellers of plastics. Physical delivery helps ensure price convergence between the DGCX futures market and the physical market.
Price risk exists at all stages where materials are bought and sold in an industrial supply chain.The risk occurs from the timing difference between production and selling of the products. The risk is greater when the supply chain is not fully integrated. Price volatility is a significant issue for the plastics industry and it exposes all participants to risk.
One of the principal functions of the DGCX Plastics contract is to allow participants in the petrochemicals to discover prices which can be used as a reference or pricing for physical transactions. DGCX prices are the result of trading on the exchange platform, conducted and channeled through the DGCX member firms, and therefore representative of real deals between buyers and sellers of plastics. Physical delivery helps ensure price convergence between the DGCX futures market and the physical market.
Paired with the DGCX’s existing USD currency suite, the WTI futures contract will draw a stronger appeal to existing contracts on other global exchanges which are of a larger size. The DGCX WTI contract will help facilitate price discovery by new market participants, offering protection and hedging opportunities to all.