Rise in gold, rupee futures boosts DGCX volumes
Quotes

Rise in gold, rupee futures boosts DGCX volumes

Last Updated: Thursday, July 05, 2012, 11:31
 
 Comment 0
 
Rise in gold, rupee futures boosts DGCX volumes
Dubai: Driven by significant surge in gold and rupee futures trading, June volumes on the Dubai Gold and Commodities Exchange (DGCX) jumped over 231 percent year- on-year to reach 889,131 contracts, worth USD 32.92 billion.

This is the Exchange's fourth consecutive monthly volumes record.

DGCX ended the first six months of 2012 with year-to-date volumes of over 3.84 million contracts, a nearly 172 percent rise from the previous year.

Gary Anderson, Chief Executive Officer, DGCX, said: "We are delighted to have ended the first half of the year on a high note. The expansion of our product portfolio, combined with our initiatives to expand liquidity, helped significantly boost the Exchange's growth momentum this year.

"Over the first half, we introduced strategic contract changes and new market makers to catalyse increased trading in many of our existing products. We look forward to introducing new initiatives to further consolidate this growth."

Average daily volume (ADV) in the first half of the year stood at 29,829 contracts, over 167 percent year-on-year. Gold futures, the Exchange's flagship product, grew over 111 percent in June from the previous year to aggregate 60,353 contracts.

Heightened volatility and recent contract changes introduced by the Exchange were the key drivers of gold futures growth. DGCX's currency segment rose nearly 248 percent year-on-year to end the month at 804,554 contracts.

Currency growth was led by rupee futures, which jumped 290 percent from June last year, to reach 797,328 contracts. Copper futures continued its robust performance, since its launch in April, to total 21,391 contracts in the month.

Established in 2005, DGCX is a Dubai Multi-Commodities Centre (Dubai government) initiative in partnership with Financial Technologies (India) and Multi Commodity Exchange of India (MCX).

It is the Gulf region's first derivatives exchange and the only one allowing participants to clear and settle transactions within the region.

PTI



First Published: Thursday, July 05, 2012, 11:31


Comments


comments powered by Disqus
Forbes Best Places for Biz 2014
Forbes Best Places for Biz 2014
Hyundai Elite i20
Hyundai Elite i20
John Kery with Indian Biz Honchos
John Kery with Indian Biz Honchos
Honda Mobilio MPV
Honda Mobilio MPV
Tata Zest first drive review: In pics
Tata Zest first drive review: In pics

Web Wrap
Contact Us : Privacy Policy : Legal Disclaimer
Copyright © Zee Media Corporation Ltd. All rights reserved