DGCX posts contracts record in April
Dubai , May 6, 2012
April volumes on the Dubai Gold and Commodities Exchange (DGCX) registered a 146 per cent growth from the same month in 2011 to reach 559,781 contracts, the highest monthly volumes registered by the exchange.
This is the second consecutive month in which DGCX has achieved record-breaking monthly volumes. April volumes represent a value of $22.42 billion, said a statement.
On April 25, year-to-date volumes on DGCX surpassed the two million contracts mark. Achieved in 82 trading days, this is the earliest it has crossed this figure in any year since inception, it said.
Year-to-date volumes on the Exchange, at the end of April, reached 2,105,680 contracts, valued at $86.5 billion, a 131 per cent rise from 2011. Average daily volume (ADV) in April increased 146 per cent year-on-year to reach 27,989 contracts.
DGCX’s newly launched Copper Futures contract got off to a robust start, trading 15,582 contracts in the first seven days of trading, said the statement.
The currency segment continued to be the main driver of volume growth, accounting for 91 per cent of total contracts in the month. Currency contracts traded a total of 509,988 contracts in April, an increase of 203 per cent from last year.
Indian Rupee futures built on its exceptional performance in the first quarter of the year, growing 268 per cent from 2011 to aggregate 499,478 contracts in April, the highest monthly volumes the contract has achieved since inception.
Volume growth was boosted by increased trading in back-month contracts - contracts that have more than one month to expire and offer tighter spreads, it said.
Gary Anderson, chief executive officer, DGCX, said: “DGCX’s sustained growth momentum is driven by its ability to provide a range of exceptional investment and hedging opportunities for a wide spectrum of market participants. We are encouraged by the increased trading in back-month Indian Rupee contracts, one of the additional tools we provide for hedging medium-term exposure to the Indian Rupee. The rise in back-month trading speaks for the increasing dynamism of trading on DGCX.” -TradeArabia News Service