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Gold September 02, 2016 09:30:04 AM

DGCX records highest ever trading volume in over a decade

Carolina Curiel
ScrapMonster Author
The volumes on the Exchange reached close to 13 Million contracts since the start of the year.

DGCX records highest ever trading volume in over a decade

ABU DHABI (Scrap Monster): The Dubai Gold and Commodities Exchange (DGCX) has recorded significant increase in volume of contracts during the current year. The volumes on the Exchange reached close to 13 Million contracts since the start of the year, growing sharply by almost 45% when compared with the previous year. The volumes recorded till date in 2016 is the highest ever in the past ten-year period.

The trading volumes across wide range of segments including precious metals, currencies, equities and hydrocarbon contracts reported massive jump. The average daily volume of the Exchange was 75,516 contracts, valued at around US$ 1.70 billion. The average Open Interest (OI) position recorded phenomenal growth of 167% over the previous year to total 156,965 contracts.

According to DGCX, August 29th turned out to be one of the most important dates in the history of the exchange. The daily OI on that day hit record high of 503,262 contracts. The total value of traded contracts during the day amounted to over USD 8.0 billion. The huge open interest suggests the increased trust and participation of market participants on the Exchange, DGCX noted.

The precious metals segment volumes remained robust during the month of August this year. The average traded volume of DGCX’s Gold product suite totaled 2,749 contracts during the month, which is 15% when matched with the previous year. Meantime, the average OI during August surged higher by 153%.

In currency segment, an average of 41,751 Indian rupee contracts was traded during August. The total value of the INR contracts traded during the month amounted to over $1.24 billion. The YTD traded volumes of the contract surged higher by 115% over the comparable period in 2015. The contracts reported the highest ever average OI record of 5,353 contracts during the month. The OI jumped higher by 38% from the year before.

Gaurang Desai, CEO of DGCX stated that the exchange has ended on a high note, sustaining and improving upon the total traded volumes. The exchange has set many new records in daily trading volumes and OI during the past many months, thanks to the diversified products offered by the exchange. In August, the Exchange was also able to launch Full-depth market data feed that offers efficient market dynamics and newer trading strategies to sophisticated traders. Going forward, the Exchange is committed to introduce relevant, innovative regional products and adopt new ways to broaden its membership base, so as to transform DGCX into a key global trading hub.

Recently, DGCX had announced that it plans to launch up to 100 different single stock futures over the next twelve months. Initially, stock futures of five US companies- Apple, Facebook, Microsoft, Google & JP Morgan and 10 Indian companies including TCS, Reliance, HDFC Bank, Infosys, Tata Motors will be launched. DGCX had also stated that the future addition is likely to include companies from the Middle East region as well.

DGCX is a subsidiary of Dubai Multi Commodities Centre (DMCC), a strategic initiative of the Government of Dubai, with a mandate to enhance commodity trade flows through the Emirate by providing the appropriate physical, market, financial infrastructure and services required. The Management team of DGCX comprises senior personnel from the commodities, securities and financial services industries bringing a wealth of experience and expertise to ensure the success of DGCX.

 

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