DGCX posts record volume of transactions in May
DUBAI, June 2, 2018
The Dubai Gold and Commodities Exchange (DGCX) witnessed its best month ever in May, recording volume of 2,163,598 lots valued at over $46.11 billion.
Throughout May an average of 94,069 contracts traded per day showing year-on-year (y-o-y) growth of 51 per cent. The world’s only exchange-traded Shari’ah Compliant Spot Gold contract (DGSG) also continued to shine, with over 488 kg of gold worth $20.72 million executed since its listing on DGCX on March 29.
The Exchange has traded over 9.3 milllion contracts so far this year, up 39 per cent from last year, with notional value exceeding $210 billion, said a statement from DGCX.
The best performers in May were the Indian Rupee product suite, which saw Rupee Mini Futures record its highest Average Open Interest (AOI) of 108,986 contracts, and the G6 currency pairs, which saw Euro Futures record its highest monthly volume since November 2012 with 60,394 contracts and recording its highest AOI of 2,659, it stated.
On the solid performance, CEO Les Male said: "The DGCX has enjoyed another record month of trading led by solid growth in volumes and value. Our recently launched DGSG contract also witnessed strong growth momentum which is reflective of its increasing appeal among investors and traders."
"Our G6 currency portfolio performed particularly well, with the foreign exchange market as a whole witnessing volatility on the back of the US dollar’s unexpected surge as well as global trade discussions. We are looking forward to further growth in activity over the rest of the year, especially in light of our upgraded clearing and trading infrastructure," he noted.
DGCX, he stated, last month upgraded its integrated trading and clearing solution from Cinnober Financial Technology to the latest version of their signature TRADExpress platform.
The purpose was to enhance and speed up business development capabilities even further, and to benefit from a more refined trade and market data protocol, leading to improved bandwidth usage, he added.-TradeArabia News Service
