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Soon after reporting a set of solid operating metrics for the first half of 2015, the Dubai Gold and Commodities Exchange (DGCX) announced another raft of strong operating metrics – this time for July 2015. Last month turned out to be a robust one for the Exchange, as it posted a record in terms of monthly Open Interest and a steep rise in the volumes of its Quanto products.
DGCX posted the highest average monthly Open Interest (OI) in July 2015 with 78,391 contracts, beating the previous high of 59,688 contracts in March 2015. This achievement reflected the strong trading in emerging markets contracts, particularly with the recently launched Quanto products.
Average daily volumes (ADV) reached 49,673 contracts in July 2015, marking an increase of 15% over same period last year.
Year-to-date volumes on the Dubai Gold and Commodities Exchange (DGCX) registered a growth of 11% against the equivalent period last year, trading over 7.5 million contracts.
DGCX’s currency segment marked a strong growth, as year-to-date volumes in G6 Currency pool grew 22%.
The recent volatility in the energy sector supported the interest in trading the DGCX WTI futures, which saw a year- to-date increase of 66% compared to the same period last year.
Gaurang Desai, Interim of CEO of DGCX, said:
“Following the exceptional H1 performance, we are delighted to witness another month of strong trading. Our newly launched Quanto products are generating a lot of interest and increased participation from market participants. These contracts’ unique value proposition provides significant arbitrage and hedging opportunities from exchange rate fluctuations and makes them an effective risk management tool for offshore investors looking to gain exposure into one of the world’s largest emerging markets.”
“As we enter the second half of this year on a promising note, our focus remains on introducing more products that are relevant to investors within UAE and larger GCC region, and expanding our member base and reach internationally.”
To view the official announcement by DGCX, click here.