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Volumes...touched 1.04m contracts

DGCX trading volumes grow 28pc in October

DUBAI, November 20, 2014

The trading volumes on the Dubai Gold and Commodities Exchange (DGCX) grew 28 per cent as compared to the same period last year.

The exchange significantly expanded its Emerging Markets portfolio with four new products and saw the year’s second highest monthly volume with volumes touching 1.04 million contracts, said a statement.

DGCX's currency segment grew 31 per cent year-on-year, accounting for 93 per cent of total volume with 978,169 contracts traded, with both the Indian rupee futures and mini Indian rupee futures contracts performing well.

The exchange strengthened its product offering with the launch of two new Index products and two mini-Indian rupee contracts in October.

The Index products included two MSCI India index contracts - a price return index that takes into account the price performance of the 67 constituent stocks in local currency (Indian Rupee) and a total return index taking into account both the price performance and the dividend payments, calculated in US dollar terms.

DGCX also launched two new mini currency-pair futures contracts - Indian rupee/British pound and Indian rupee/euro, said the statement.

Trading in the new contracts is gathering trading momentum with the participation of a wide range of players including a sophisticated institutional investor base, it said.

Gaurang Desai, interim chief executive officer, said: "The launch of these four contracts, as we complete a second upgrade of EOS Trader, signals a clear intent to strengthen our offering to provide more opportunities to our membership base. The currency pairs further enhance our Indian rupee product group and the MSCI Indices complement our increasingly successful S&P BSE Sensex contract, which has been growing consistently since launch in 2013.

“These new products are part of the first pillar of our product strategy – which is to build on the success of our Indian rupee franchise. The second pillar, which focuses on GCC centric products, will see product launches over the coming months, starting with a highly anticipated Spot Gold contact."

The other product categories that performed well in October included metals, which grew 10 per cent year-to-date, while silver futures witnessed the highest-ever average daily open interest, growing 49 per cent year-on-year.

“The strong performance of Indian Rupee products and Sensex futures in October reflects the heightened interest from market participants to trade these products, especially during the period of high volatility witnessed in the middle of October,” Desai added. - TradeArabia News Service




Tags: DGCX | trading | product | grow | volume |

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