DGCX volumes cross 10m mark
Dubai, September 8, 2013
Dubai Gold and Commodities Exchange (DGCX) said its year-to-date volumes surpassed the 10 million mark for the first time last month.
The milestone was achieved in 164 trading days, while the total volumes stood at 10.37 million contracts at the end of August, up 80 per cent over the previous year, said a statement.
Trading climbed 23 per cent in August from last year to total 1.15 million contracts, representing a value of $34.08 billion. Currencies, which were the mainstay of growth, rose 28 per cent year-on-year to reach 1.12 million contracts, it said.
Indian Rupee futures continued its steady volumes expansion increasing 16 per cent from last year in August. The year-to-date (YTD) volumes in the product surged 72 per cent.
CEO Gary Anderson 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 us. ”
Among other currency contracts, Euro futures rose 115 per cent in August from last year. Silver grew 31 per cent year-on-year in the precious metal segment, he added. - TradeArabia News Service