Dubai: The Dubai Gold and Commodities Exchange (DGCX) continued to see robust trading activity in April, with members increasingly seeking to protect themselves against volatility and global economic uncertainty. In light of continued currency volatility and varying views on the dollar as a safe haven, the DGCX last month most notably recorded a surge in trading of its G6 currency portfolio, which registered year-on-year (Y-O-Y) volume growth of 653.45%.
Among the G6 Currency pairs, Euro and British Pound Futures contracts were the most prominent, recording impressive Y-O-Y ADV growth of 405.56% and 318.48% respectively.
Les Male, CEO of DGCX, said: “April was another extraordinarily busy and volatile month for global markets. Oil prices plummeted amid forecasts that demand will plunge this year, gold prices surpassed the $1,700 threshold once again, while the US dollar steadied or weakened against most major currencies, having previously strengthened in the first quarter of this year. During these periods of uncertainty, markets such as the DGCX support the resilience of the global and regional economy by allowing investors and businesses to protect their positions against price fluctuations. What we are seeing is truly unprecedented, and it has never been more important for our tools and services to be available, and for markets to remain open and transparent to give investors confidence.”
Total volumes on the DGCX in April totaled 810,000 contracts, valued at USD 20.02 billion. The Exchange last month also recorded Average Open Interest (AOI) of 246,080 contracts, bringing the AOI for 2020 to 347,955 contracts, up 20.42% from last year.
“The DGCX continues to operate normally across both the exchange and clearing house, and we remain committed to providing the vitally important functions of risk management and price discovery in today’s challenging environment,” Male added.
-Ends-
About DGCX: Established in 2005, DGCX is the region’s leading derivatives exchange and the only one allowing global participants to trade, clear and settle transactions within the Gulf region. The Exchange has played a pioneering role in developing the regional market for derivatives and financial infrastructure. DGCX is an electronic commodity and currency derivatives exchange with over 148 members from across the globe, offering futures and options contracts covering the precious metals, energy, equities and currency sectors. DGCX is a subsidiary of DMCC (Dubai Multi Commodities Centre), a Dubai Government Authority for trade, enterprise and commodities. For more information: www.dgcx.ae
DGCX also owns and operates the region’s largest and only multi-asset Clearing House – Dubai Commodities Clearing Corporation (DCCC). DCCC is federally regulated by the Securities & Commodities Authority (SCA). It is recognised as a licensed Central Clearing-Counterparty (CCP) by SCA and a Third-Country CCP by European Securities Markets Authority (ESMA) with over 60 clearers from across the globe. For more information: www.dccc.co.ae
For further information, please contact:
Jonathan Fisher
Weber Shandwick PR
Tel: +971 (0) 4 445 4222
Email: JFisher@webershandwick.com
© Press Release 2020
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
