DGCX crosses five million contracts in the first half of 2014
Dubai Gold and Commodities Exchange (DGCX) crossed five million contracts in the first half of the year. The Exchange ended H1 2014 having registered more than 5.75 million contracts, with a value of over $172 billion.
Currency futures traded 5.34 million contracts in H1, valued at $157 billion. Precious metal contracts were the highlight of the first half, growing 7% from last year to a total of 283,138 contracts, valued at $11 billion. Other contracts that performed well in H1 included the S&P BSE SENSEX futures contract, which totaled more than 100,000 contracts in the 10 months of trading since launch.
Key performers in the month of June 2014 included the Gold futures contract, which grew 21% from the previous year, reaching a total of nearly 36,000 contracts. In June, the S&P BSE Sensex futures recorded its second highest ever monthly volume of 19,666 contracts and Copper futures recorded its second highest monthly volume in the last 12 months. Trading in WTI futures grew 62% from last year while Plastics futures rose 39%.
The Exchange is now poised for a substantial diversification of its product portfolio with new contracts in the currency, precious metals, equity and agricultural segments due for launch in the next couple of quarters. On top of the list is DGCX Spot Gold contract, the Middle East’s first exchange-traded physically deliverable spot gold contract. The product will enable market players to trade lo-co Dubai DGD spot gold on a secure and regulated exchange platform.
Gary Anderson, CEO of DGCX said: “The strong performance of our precious metal contracts augurs well for the launch of our Spot Gold contract, which we believe will raise trading efficiencies in the Dubai gold market and further enhance its status as a leading gold trading hub. With the launch of further new products in the second half of the year, the Exchange seeks to play an even more significant role in the development of the derivatives market in the UAE as well as the wider region.”
DGCX plans to launch a wide range of Emerging Market (EM) currency products, targeted at Middle East customers. In the pipeline are three new currency futures including South African Rand, Russian Rouble and the Korean Won, all of which are set for launch in Q3 2014. Among other EM products, DGCX plans to add the MSCI India Index futures to its equity suite in Q4
2014. The Exchange will also re-list Options contracts on its Indian Rupee futures on July 18, 2014.
DGCX’s new trading platform, EOS, has recently been enhanced to facilitate multi-currency trading, listing of options, physical delivery and improvements in margining efficiency. This will only add to the Exchange’s ambitious growth plans. The enhanced platform will further support volume growth on the Exchange whilst continuing to meet the increasingly demanding trading requirements of DGCX Members.
DGCX continued to receive industry recognition for its product innovation and volume growth. In H1 2014 DGCX was named the Best Derivatives Exchange 2014 at the MENA Forex Awards.
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Baiju Francis / Dhanya Isaac
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