DGCX trading volume up 55pc in July
Dubai, August 14, 2013
Dubai Gold and Commodities Exchange (DGCX) has recorded trading volume growth of 55 per cent in July, over the same period last year.
DGCX’s currency segment continued to contribute a significant share of volumes, recording a year-on-year (YOY) growth of 61 per cent with 1,450,041 contracts traded.
Currency volumes were primarily driven by Indian Rupee (INR) futures, with the contract recording its highest ever monthly volume in July, a 40 per cent growth over the same period last year.
Trading in other currency pairs such as in Euro and Yen were also increased substantially. It futures registered a surge of 266 per cent and 78 per cent respectively.
Total year to date (YTD) volumes rose by 91 per cent with the exchange having traded a total of 9,209,767 contracts in 2013. Volumes in INR futures have grown 84 per cent from last year .
DGCX’s precious metals segment also performed well in July, with volumes in gold futures rising 16 per cent from June, while silver futures grew 150 per cent.
Gary Anderson, CEO, said: “Continued growth on the exchange, despite the traditionally slower period of Ramadan highlights the continued and growing demand for DGCX’s products and services in the region. The consistently robust performance of INR futures in particular is testament to DGCX’s ability to provide international investors with a safe, liquid and regulated environment to hedge their rupee fluctuation risks offshore.”
“With significant interest coming from retail and international institutional participants for Emerging Markets contracts, the continued development of a strong offshore platform remains a key strategic focus for the exchange,” he added.
Another notable performance in July was the DGCX WTI Crude Oil futures, which saw an 86 per cent month-on-month and a 51 per cent year-on-year rise in July. - TradeArabia News Service