DGCX trading volumes rise 28% in October

Trading volumes on the Dubai Gold and Commodities Exchange (DGCX) grew 28% from the same period in 2013, a month in which the Exchange significantly expanded its Emerging Markets portfolio with four new products. October saw the year’s second highest monthly volume with volumes touching 1,044,396 contracts.

DGCX’s currency segment grew 31% year-on-year, accounting for 93% of total volume with 978,169 contracts traded, with both the Indian Rupee Futures and mini Indian Rupee futures contracts performing well.

  • Four new Emerging Markets products launched in October
  • October sees 2014’s second highest monthly volumes
  • Volumes 28% higher than October 2013

The Exchange strengthened its product offering with the launch of two new Index products and two mini-Indian Rupee contracts in October. The Index products included two MSCI India index contracts, the first – a price return index that takes into account the price performance of the 67 constituent stocks in local currency (Indian Rupee) and the second a total return index taking into account both the price performance and the dividend payments, calculated in US Dollar terms.

DGCX also launched two new mini currency-pair futures contracts – Indian Rupee/British Pound and Indian Rupee/Euro. Trading in the new contracts is gathering trading momentum with the participation of a wide range of players including a sophisticated institutional investor base.

Gaurang Desai, Interim CEO of DGCX said: “The launch of these four contracts, as we complete a second upgrade of EOS Trader, signals a clear intent to strengthen our offering to provide more opportunities to our membership base. The currency pairs further enhance our Indian Rupee product group and the MSCI Indices complement our increasingly successful S&P BSE Sensex contract, which has been growing consistently since launch in 2013. These new products are part of the first pillar of our product strategy – which is to build on the success of our Indian Rupee franchise. The second pillar, which focuses on GCC centric products, will see product launches over the coming months, starting with a highly anticipated Spot Gold contact.”

Other product categories that performed well in October included metals, which grew 10% year-to-date. Silver Futures witnessed the highest-ever average daily open interest, growing 49% year-on-year.

Desai, commented: “The strong performance of Indian Rupee products and Sensex Futures in October reflects the heightened interest from market participants to trade these products, especially during the period of high volatility witnessed in the middle of October.”

To see the DGCX press release click here.

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