DGCX records over 1million contracts in Oct
Dubai, November 7, 2012
Dubai Gold and Commodities Exchange (DGCX) recorded a 9 per cent increase in contracts last month, trading 1,057,508 contracts, and crossing the 1 million mark in monthly volume trade for the time in the history of the exchange.
Total monthly volume was valued at $ 43.07 billion, surpassing the previous highest trading value $ 38.08 billion achieved in September 2012, a statement from DGCX said.
Its year-to-date volumes reached 7,781,669 contracts, a rise of 143 per cent. DGCX currency volumes were up by 159 per cent, trading 7,172,961 contracts year-to-date. Trading in INR futures witnessed a substantial growth of 189 per cent. In addition, year-to-date trading in gold futures rose 29 per cent to trade 465,725 contracts year-to- date.
October volumes recorded a significant increase of 139 per cent over October 2011. Gold futures, a key contributor to this growth recorded a year-on-year increase of 490 per cent; followed by the DGCX currency segment which generated its highest ever volume in October trading 992,126 contracts - registering a year-on-year growth of 131 per cent. Among the currency pairs, EUR futures and INR futures saw a year-on-year jump of 150 per cent and 117 per cent respectively.
INR futures continued its robust performance trading the highest ever monthly volumes of 907,072 contracts last month. Euro futures generated interest among institutional and retail participants in the region who are looking to manage their price risk on a regulated and cleared market.
In base metals, copper futures grew 137 per cent from last month to aggregate 18,584 contracts. Overall, the exchange achieved its highest ever average daily value of contracts valued at $1.96 billion per day in October. The YTD average daily volumes in DGCX surged by 142 per cent.
Gary Anderson, chief executive, DGCX, said: “With over 1 million contracts traded on the exchange in October, DGCX has set yet another milestone. The remarkable growth in October volumes is a testament to our efforts in facilitating greater liquidity and tighter spreads in contracts.”
“Our increased member base, coupled with the extended trading hours and the well regulated and secure clearing house, is attracting a large and growing number of global participants to trade on the DGCX platform.” – TradeArabia News Service