DGCX registers strong interest in G6 currencies and silver futures in October

The portfolio recorded an impressive year-to-date, Y-T-D, volume growth of 378%

  
U.S. 100 dollar, 50 euro, 20 pound and Ukrainian 500 hryvnia banknotes are seen in this picture illustration taken in Kiev, Ukraine, October 31, 2016. Image used for illustrative purpose.

U.S. 100 dollar, 50 euro, 20 pound and Ukrainian 500 hryvnia banknotes are seen in this picture illustration taken in Kiev, Ukraine, October 31, 2016. Image used for illustrative purpose.

REUTERS/Valentyn Ogirenko

DUBAI- The Dubai Gold and Commodities Exchange, DGCX, continued its strong growth trajectory during October, with its G6 currencies portfolio a standout performer during the month.

The portfolio recorded an impressive year-to-date, Y-T-D, volume growth of 378 percent, compared to the same period last year. Among the G6 currency pairs, the Euro and British Pound Futures Contracts registered the strongest performances, recording an impressive year-on-year, Y-O-Y, Average Daily Volume, ADV, growth of 67 percent, and 392 percent respectively.

Market Participants also turned to alternative safe-haven assets last month, with the DGCX registering a spike in trading in its Silver Futures product, recording a Y-T-D volume growth of 99 percent, compared to the same period last year.

The Exchange also registered the highest volume, value and open interest, OI, in its Pound Sterling, GBP, FX Rolling Futures Product, which has now traded a combined total of 2142 lots valued at US$28 million, since its launch in July - once again highlighting market participants’ appetite to leverage arbitrage opportunities. Notably the Weekly Indian Rupee (INR) Futures Contract registered the second highest trading value since the start of 2020 – recording an ADV of 495.

Les Male, CEO of DGCX, said, "During October, we recorded strong interest in our currency and precious metal products, that not only reiterated the strength of our offerings, but our ability to enhance market participants’ liquidity and hedge risk. As the DGCX approaches its 15th anniversary milestone this month, we are well placed to continue our strong growth trajectory, as well as provide our member base with effective products that help meet their hedging and trading needs. Our priority continues to be providing our members with a wide range of innovative products that help to manage their risk effectively - at a time when they need them the most."

© Copyright Emirates News Agency (WAM) 2020.

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