Trading volumes at the Dubai Professional Trading Group have exceeded one million contracts or lots traded per month, making it the most active derivative trading centre in the Middle East.
DubaiPTG, the Middle East's first independent trading arcade, was launched in December last year and has since attracted top independent traders from Europe and the Middle East.
Chairman James Hume said: "Having surpassed the one million lots per month milestone, DubaiPTG's volumes are now materially higher than the total of all contracts being traded on the UAE's derivatives exchanges. Reaching this volume at the six-month point in DubaiPTG's evolution also underscores Dubai's rapidly growing status as a major financial hub and the viability of DubaiPTG's model."
Benedict Floyd, Executive Director of DubaiPTG, said: "We have 10 traders operating full-time in the arcade, with a further 10 on track to join this quarter.
"Coupled with a waiting list for our intensive trader training course, we anticipate DubaiPTG will operate with up to 35 traders by the end of 2008, reaching more than 60 traders in total within the next 12 to 18 months."
Traders from international markets have been initially attracted to DubaiPTG on the strength of Dubai's tax-free status and location.
In addition, DubaiPTG offers traders leading edge facilities in a high-tech trading room, including the most up-to-date technology and unrestricted access to markets around the world.
DubaiPTG provides both full-time traders and trainees with the facilities to trade in the world's financial markets, giving them access to sophisticated trading technology, direct access to the exchanges through leased lines, market data, analytics, clearing and settlement services, and the benefit of wholesale rates of commission.
The arcade is a joint venture between market professionals and the Dubai Multi Commodities Centre.