DGCX crosses 5m contracts in H1
Dubai, July 14, 2014
Dubai Gold and Commodities Exchange (DGCX) has registered more than 5.75 million contracts in the first half of the year, with a value of more than $172 billion.
The currency futures traded 5.34 million contracts in H1, valued at $157 billion, while precious metal contracts were the highlight of the first half, growing seven per cent from last year to a total of 283,138 contracts, valued at $11 billion, said a statement.
Other contracts that performed well included the S&P BSE Sensex futures contract, which totalled more than 100,000 contracts in the 10 months of trading since launch.
The key performers in June included the Gold futures contract, which grew 21 per cent from the previous year, reaching a total of nearly 36,000 contracts.
In June, the S&P BSE Sensex futures recorded its second highest ever monthly volume of 19,666 contracts and Copper futures recorded its second highest monthly volume in the last 12 months. Trading in WTI futures grew 62 per cent from last year while Plastics futures rose 39 per cent.
The exchange is now set for a substantial diversification of its product portfolio with new contracts in the currency, precious metals, equity and agricultural segments due for launch in the next couple of quarters, said the statement.
DGCX Spot Gold contract, the Middle East’s first exchange-traded physically deliverable spot gold contract, is on top of the list. The product will enable market players to trade lo-co Dubai DGD spot gold on a secure and regulated exchange platform.
Gary Anderson, CEO, said: “The strong performance of our precious metal contracts augurs well for the launch of our Spot Gold contract, which we believe will raise trading efficiencies in the Dubai gold market and further enhance its status as a leading gold trading hub.
“With the launch of further new products in the second half of the year, the Exchange seeks to play an even more significant role in the development of the derivatives market in the UAE as well as the wider region.”
DGCX also plans to launch a wide range of emerging market (EM) currency products, targeted at Middle East customers. In the pipeline are three new currency futures including South African Rand, Russian Rouble and the Korean Won, all of which are set for launch in Q3. Among other EM products, DGCX plans to add the MSCI India Index futures to its equity suite in Q4, said the statement.
Meanwhile, the Exchange will also re-list options contracts on its Indian Rupee futures on July 18, it added. - TradeArabia News Service