Dubai Gold and Commodities Exchange (DGCX), the region’s largest and most diversified derivatives bourse, has recorded its highest ever daily volume on September 27, trading 202,571 contracts with a notional value of $4 billion.

Amidst spikes in market volatility following months of relative calm, monthly volumes also reached their highest ever in September, with 1.87 million lots transacted, and an all-time high Average Daily Volume (ADV) record of 93,604 contracts, said a statement from DGCX.
 
The volumes in the G6 currency portfolio registered a 44 per cent jump from August. In particular, the Euro and British Pound futures contracts performed extremely well, recording impressive month-on-month growth of 67 per cent and 19 per cent respectively.

The Euro has traded its highest volume with 172,291 contracts so far this year, while the British Pound recorded its highest average open interest of 832 contracts. Additionally, the exchange’s innovative product offering, Indian Single Stock Futures (SSFs) witnessed growth of 14 per cent month-on-month, said the DGCX in its statement.
 
In the precious metals segment, the exchange’s flagship gold contract; Dubai Gold, achieved its highest average open interest since 2012. Meanwhile, the Dubai India Gold Quanto recorded its highest average open interest of 2,806 contracts on September 11.
 
CEO Gaurang Desai said: "September was a notable month for DGCX, and we thank our members, customers, and partners for their constant support. Not only did we achieve our highest-ever monthly average daily volume, which is a proud and exciting moment for us, but we collectively continued to push the envelope."

"This includes our recent tie-up with the Market Data Connect service making DGCX contracts ever more accessible to traders in London and being recognized for pioneering contracts that provide significant value to investors and traders," remarked Desai.

"As the largest derivatives Exchange in the region, our endeavor is to improve our capabilities and provide innovative offerings which will support DGCX market participants to make well-informed decisions amid any market situation," he noted.

Gaurang pointed out that DGCX was working towards launching the region’s first Sharia Spot Gold product.

"It will help us to meet the latent demand amongst regional traders, as well as take a major step forward in establishing Dubai and the UAE as a world-leading Islamic Finance hub," he added.-TradeArabia News Service