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DGCX sees robust volume growth.

Summary: It recorded the highest ever monthly and daily volume of contracts in November

Staff Report

The Dubai Gold and Commodities Exchange celebrated its 12th anniversary in November 2017. (Alamy.com/ae)

The Dubai Gold and Commodities Exchange (DGCX), the region's largest and most diverse derivatives bourse, celebrated its 12th anniversary in November. The exchange announced earlier in November that it had received regulatory approval to launch an additional 44 blue-chip Indian single stock futures (SSF) which will see DGCX expanding its equities asset class vertical. Furthermore, the DGCX was awarded 'Exchange of the Year' by the Futures Options World Global Investor Mena Awards 2017. On the volumes front, the DGCX recorded the highest ever monthly volume of 2,078,754 contracts and the highest ever average daily volume of 94,489 contracts in November 2017. The exchange's G6 currencies portfolio set various new records with growth up 233 per cent year on year and open interest up 428 per cent over the same time frame. Specifically, the euro, yen and the pound were the main drivers. The growth witnessed across the G6 currency pairs highlight that traders and investors are increasingly relying on DGCX currency derivatives to protect themselves from market instability. In the precious metals segment, Dubai India Gold and the DGCX Shanghai Gold performed well, clocking up monthly average daily volume growth of 92 per cent and 41 per cent respectively. Additionally, the BSE Sensex contract recorded its highest average open interest of 2,179 contracts, benefitting from increased hedging activity against Indian SSFs. This is linked to the recent announcement of the launch of the 44 new contracts - which will cover all the components of the Nifty 50. Gaurang Desai, CEO of the DGCX, said: "We've had a number of significant achievements last month, ranging from an industry accolade to specific contracts recording robust volume growth, all of which highlight DGCX's strong position in the regional and international derivatives space." - business@khaleejtimes.com

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Publication:Khaleej Times (Dubai, United Arab Emirates)
Geographic Code:7UNIT
Date:Dec 3, 2017
Words:342
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