| 06 Oct 2008 |
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DGCX Year to Date volume crosses one million mark
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Record third quarter volume confirms growth
Dubai, October 6, 2008: Dubai Gold & Commodities Exchange (DGCX)Dubai Gold & Commodities Exchange (DGCX)
today announced that year to date volume has for the first time, passed a record-breaking one million contracts, up 52 per cent on last year. Higher trading activity was led by currencies, precious metals and crude oil. . The milestone was supported by the recent record performance in the third quarter with 385,000 contracts traded, valued at US$ 20.5 billion. Malcolm Wall Morris, Chief Executive, Dubai Gold & Commodities ExchangeDubai Gold & Commodities Exchange, said that intensified volatility in the global financial and equity markets has led market participants to shift resources to areas such as commodities and currencies. "In the current high risk climate, commodity derivatives are offering the opportunity to diversify and achieve a balanced portfolio.
During this time of economic uncertainty and increased counterparty credit risk, the record third quarter volume at DGCXDGCX also endorses the benefits of transacting and clearing transactions via the well regulated and low risk environment of an Exchange and clearing house, Wall Morris said. Conducting business on DGCXDGCX enables market participants to reduce their exposure to operational and counterparty risk," he added.
Gold futures rose by 37 per cent YTD (January-September), reaching 695,000 contracts, whilst the average daily volume for Gold futures stood at 3,200 contracts in September, up 51 per cent on September 2007. In currencies, the Euro led the growth with 94,000 contracts YTD, up 240 per cent compared with the corresponding period last year.
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About DGCXDGCX
:Dubai Gold and Commodities Exchange (DGCXDGCX
) is a fully automated, online commodities exchange. Strategically located in Dubai, the exchange is the first international commodities derivatives marketplace in the time zone between Europe and the Far East. DGCXDGCX is an initiative of the Dubai Multi Commodities Centre (DMCC), Financial Technologies (India) Limited and Multi Commodity Exchange of India Limited (MCX). Further Information:
Claire Miller
Head of Marketing
Claire.miller@dgcx.ae
Tel: +971 (0)4 361 1625
© Press Release 2008
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