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The Dubai Gold & Commodities Exchange (DGCX) will soon launch a Pakistani Rupee (PKR) Futures Contract, the first of its kind on any regulated exchange in the world.
The contract, which is set to go live on 16 April 2021, will enable market participants to expand their trading opportunities to the Pakistani market.
It will allow regional market participants to hedge exposure to the Pakistani Rupee, on a globally recognized, regulated and secure platform.
Additionally, the Dubai Commodities Clearing Corporation (DCCC) will provide margin offsets for calendar spreads in PKR Futures.
Les Male, CEO of DGCX, said: “We are proud to launch the long-awaited PKR Futures Contract, which will add further diversification to our currencies portfolio, and provide our members with additional short-term hedging and arbitrage opportunities.”
“Pakistani nationals are the second largest population in the UAE, and as this Contract is the first of its kind in any regulated exchange, we are confident that this Contract will provide market participants with ample opportunity and flexibility to gain exposure to the large and increasingly prominent Pakistani market,” he said.
The contract size is 2,000,000 of base currently (PKR) and will be traded and cash settled in US dollars (USD) based on publicly available reference prices displayed on the last trading day.
(Writing by Brinda Darasha; editing by Seban Scaria)
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© ZAWYA 2021
