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Trading volumes on the Dubai Gold and Commodities Exchange (DGCX) in the first half of 2013 registered a substantial year-on-year growth of 101%, reaching 7,716,340 contracts valued at US$ 268.85 billion. The significant increase was led by currency volumes, which were up 112% from H1 2012.
First half currency volumes were driven mainly by the consistent growth of Indian Rupee futures. The contract registered a strong performance, jumping 95% from the same period last year to aggregate a value of US$ 242.5 billion. Euro futures also saw considerable growth of 280%.
Gary Anderson, CEO of DGCX said, “Our exceptional H1 volume growth has been driven not only by our successful existing contracts, such as Indian Rupee futures and Gold futures, but also by the Exchange’s ability to enhance liquidity and widen investor participation in new contracts. Our new trading platform launched in March is also helping the Exchange accelerate volume growth through a range of new functionalities and by supporting the launch of new and innovative products.”
“The first six months also saw the rollout of our strategy to expand our offshore platform for emerging market products. The encouraging early volumes achieved by the mini-Indian Rupee futures contract vindicate this expansion strategy. In the first half, DGCX also introduced new asset classes in its product line-up with exciting contracts like Copper futures and SENSEX futures. All these initiatives are central to our efforts to support our members in optimizing their trading strategies and maximising profits. I look forward to seeing continued growth and success through the second half of 2013.”
Meanwhile, June monthly volumes on the Exchange registered a year-on-year growth of 79% to reach a record-breaking 1,593,150 contracts. Volumes represented a value of USD $ 43.77 billion.
One of the key highlights of the month was the exceptional growth momentum shown by the recently launched mini-Indian Rupee futures contract, which saw a 140% increase from May, with 369,725 contracts traded. The regular Indian Rupee futures contract maintained its strong performance with 1,172,476 contracts in June, up 47% year-on-year. The contract recorded its highest ever daily volume of 101,408 contracts on 20 June.
In the past six months, the stellar growth achieved by the Exchange received both regional and international recognition. DGCX was named the ‘Best Global Commodities Exchange’ in 2013 by the Global Banking & Finance Review, the Best Middle East FX Exchange at the Jordan Economic Forum and Forex Expo 2013, and the world’s Second Fastest Growing Global Exchange in 2012 by FOW magazine.