Dubai Gold and Commodities Exchange
Create alert for DGCXDGCX
The Dubai Gold and Commodities Exchange (DGCX) achieved a significant growth milestone in April when its cumulative trading volumes since inception crossed $1 trillion in value. Since its launch in 2005, the Exchange has traded 24.5 million contracts, valued at $1.025 trillion.
The major milestone, achieved in its eighth year since inception, comes on the back of a substantial year-on-year volumes growth of 139% in April. Volumes in April totalled 1,336,942 contracts, valued at $48.73 billion.
Currency volumes in April saw a rise of 153% from last year, led by one of DGCX’s flagship contracts, Indian Rupee futures. With a year-on-year increase of 145%, Indian Rupee futures registered a total monthly volume of 1,223,960 contracts. Euro futures also saw a strong performance with a 325% increase from last year.
Meanwhile, the Exchange’s recently launched Mini Indian Rupee futures, traded 44,161 contracts in its first full month of trading. The mini contract, which is one-tenth the size of the main DGCX Indian Rupee Futures contract, provides a cost-effective hedging and arbitraging tool for retail remitters, SMEs and investors. The first of its kind to be introduced in the region and outside of India, the contract began trading on 28 March 2013.
Gary Anderson, Chief Executive Officer, DGCX, said, “We are delighted that our total traded value has crossed $1 trillion since inception, a milestone which represents DGCX’s rapid growth as a derivatives exchange since its launch in 2005. We are encouraged by the sustained high growth we have had in 2013, which provides us a strong foundation for achieving our strategic goals this year. In particular, the robust performance of DGCX’s newest contract, the Mini-Indian Rupee futures, in its first month, is a testament to the Exchange’s ability to provide market participants with innovative contracts that meet their investment and hedging needs within a highly supportive trading and clearing environment.”
Precious metals contracts also displayed strong performances in April, with both Gold and Silver futures registering a year-on-year growth of 24%.