|23 May, 2020

Dubai DGCX to roll out more forex contracts next month

The bourse currently trades in around a dozen currency future

In Q1, Dubai Gold & Commodities Exchange (DGCX) Gold Futures contract recorded volume growth of 743% compared to the same period last year, while G6 currencies recorded volume growth of 475%. Image courtesy Dubai Media Office Twitter handle.

In Q1, Dubai Gold & Commodities Exchange (DGCX) Gold Futures contract recorded volume growth of 743% compared to the same period last year, while G6 currencies recorded volume growth of 475%. Image courtesy Dubai Media Office Twitter handle.

Dubai Gold and Commodities Exchange (DGCX) will expand its portfolio by rolling out more forex contracts next months and will emerge stronger in post-19 period, a senior official said.

"In July, we will be expanding our portfolio of currency products with FX Rolling contracts - perpetual rolling FX contracts for three currency pairs. We expect these to be particularly beneficial to our institutional investors by enabling them to hedge more efficiently during this period of heightened volatility," said Les Male, CEO of DGCX.

Despite many challenges that lie ahead, Male is confident that the bourse will emerge even stronger position as it provide its members with new opportunities to mitigate and manage their risk.

But he didn't disclose what those three currency pairs would be. The bourse currently trades in around a dozen currency future. The bourse saw robust trading activity in April, with members increasingly seeking to protect themselves against volatility and global economic uncertainty. It last month recorded a surge in trading of its G6 currency portfolio, which registered year-on-year volume growth of 653.45 per cent. -

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