Gary Anderson, CEO of DGCX
Year-to-date volumes on the Dubai Gold and Commodities Exchange (DGCX) have surpassed the 10 million volume mark for the first time in the Exchange’s history. The milestone, reached on August 23, was achieved in a total of 164 trading days. Total 2013 volumes stood at 10.37 million contracts at the end of August, a rise of 80% from the previous year.
The record volumes were achieved on the back of brisk trading in August. Trading climbed 23% in August from last year to total 1,159,293 contracts, representing a value of $34.08 billion. Currencies, which were the mainstay of growth, rose 28% year-on-year to reach 1,124,507 contracts. Year-to-date volumes in the segment grew by 89%.
Indian Rupee futures continued its steady volumes expansion increasing 16% from last year to aggregate 1,011,360 contracts in August. Year-to-date (YTD) volumes in the product surged 72%.
Gary Anderson, CEO of DGCX said, “Surpassing the 10 million contract mark this month further reinforces DGCX’s profile as one of the fastest growing exchanges in the world. The sustained growth of our Emerging Market contracts at a time of such high market volatility has been driven by the Exchange’s ability to offer participants some of the best tools in the region to manage currency and commodity price risk. The development of a strong offshore platform for Emerging Market products remains a key strategic focus for DGCX. ”
Among other currency contracts, Euro futures rose in August 115% from last year. Silver was the stand-out performer in the precious metal segment with a year-on-year growth of 31%.