Apr 14 2010 |
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DGCX launches Swiss Franc, Australian Dollar & Canadian Dollar Futures
New contracts will go live on June 15, 2010Move increases DGCX 's currency product portfolio to seven contracts
Dubai, April 14, 2010: Expanding its suite of forex (FX) products, the Dubai Gold & Commodities Exchange today announced the launch of three new currency futures contracts - Swiss Franc/US Dollar (DCHF), Australian Dollar/US Dollar (DAUD) and Canadian Dollar/US Dollar (DCAD). The new contracts will go live on June 15, 2010 and will be cleared by the Dubai Commodities Clearing Corporation.
DGCX currently lists four currency futures contracts - Euro/US Dollar, GBP/US Dollar, Yen/US Dollar and Indian Rupee/US Dollar. The Exchange has witnessed 128% growth in currency futures volume year to date.
Ahmed Bin Sulayem, Chairman, DGCX , added, "Under the regulatory guidance of the Securities and Commodities Authority (SCA) , DGCX has contributed significantly towards the diversification of the region's financial services offering by providing viable risk management and investment tools. The launch of the new currency futures contracts, which has been approved by both SCA and the UAE Central Bank, will ensure DGCX sustains its momentum in this market. The increase in currency futures volume on the Exchange year to date demonstrates that the UAE is turning into an important centre for regulated forex trading."
The impact of the global crisis highlighted the counterparty risk and lack of transparency associated with transacting FX trades bi-laterally or over-the counter. Regulated exchanges and Clearing Houses are assuming even more importance in today's FX markets and they have a key role to play in future developments.
DGCX has recorded an Average Daily Volume of 5,835 currency futures contracts in 2010. Year to Date currency futures volume stands at 362,000 contracts, valued at US $24.4 billion, as at the end of March 2010.
As part of DGCX 's ongoing awareness and educational programme for currency futures, the Exchange will be supporting and speaking at the 6th Middle East Forex Expo & Conference in Beirut on 21-22 May 2010.
-Ends-
About
DGCX
:
Dubai Gold & Commodities Exchange
(
DGCX
) was established in 2005 and has become today the leading derivatives exchange in the Middle East region.
DGCX
is a Dubai Multi Commodities Centre (Dubai Government) initiative in partnership with Financial Technologies (India) Limited and Multi Commodity Exchange of India Limited (MCX). It is an electronic commodity and currency derivatives exchange with 230 members from across the globe, offering futures and options contracts covering the precious metals, energy and currency sectors. For more information: www.dgcx.ae
Further Information:
Claire Miller
Head of Marketing, DGCX
Tel: +971 (0)4 361 1625;
Email: claire.miller@dgcx.ae
Freeda D'souza / Dhanya Isaac
Promoseven Weber Shandwick PR
Tel: +971 4 3210077;
Email: freeda.dsouza@ws-mena.com; dhanya.isaac@ws-mena.com
© Press Release 2010
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