Dubai's DGCX posts record H1 results, volumes up 44%

Traded value for the first six months of 2018 breached $250bln for the first time

Dubai Gold and Commodities Exchange. Image used for illustrative purpose.

Dubai Gold and Commodities Exchange. Image used for illustrative purpose.


Dubai Gold and Commodities Exchange (DGCX) has recorded its best ever first half in its 13-year history, trading over 11,300,000 contracts so far in 2018, up 44 per cent year-on-year (Y-O-Y). 

Traded value for the first six months of 2018 breached $250 billion for the first time too, said a statement from DGCX. 

The exchange’s record-breaking performance was sealed following a robust month of trading in June, which saw 2.04 million contracts traded, up 74 per cent from June last year. This month's traded value reached $42.3 billion.

The best performing asset classes this year have been the currencies with the Indian Rupee (INR) and the G6 Currency futures most prominent. First half INR volumes increased by 22 per cent from last year, driven mainly by increasing hedging appettite in volatile markets, said the statement. 

While volumes in G6 futures grew 97 per cent Y-O-Y to reach 387,586 contracts. The growth in G6 Currency futures was confirmed in June as the DGCX successfully physically delivered a record $404 million upon the contracts expiry. Other notable performers in 2018 include Dubai India Gold, Shanghai Gold and Chinese Yuan  it added.

On DGCX’s record-breaking H1, CEO Les Male said: "In the first half of 2018 DGCX achieved spectacular growth and major milestones. Not only have we broken our record for the overall volume and value of contracts traded in the first six months of a year, but we’ve also set new highs in terms of Open Interest (OI) on several products."

The OI (often seen as a barometer to measure the success and underlying strength of an exchange) also climbed with an average of 301,119 contracts open throughout the first half showing an increase of 28 per cent over the same period last year, he noted. 

Male pointed out that DGCX's exceptional results have been bolstered by not only the geopolitical uncertainty throughout 2018, with traders seeking protection and various hedging mechanisms to mitigate their risk, but also its ability to boost liquidity and widen investor participation in both established and new products. 

"The postive response to our recently launched Shari’ah Compliant Spot Gold contract bears testamant to this, and demonstrates our initiative towards further asset class diversity on the DGCX," he added.-TradeArabia News Service

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