DGCX Sees INR Quanto and Silver Future Contracts Surge During April
During the month of April, the Dubai Gold and Commodities Exchange (DGCX) registered a monthly Average Open Interest (AOI) of 179,554 contracts.
The DGCX’s Indian Rupee Quanto Futures Contract recorded a year-on-year (Y-O-Y) Average Daily Volume (ADV) growth of 562% during the month, as market participants looked to hedge their risk amid market volatility. Additionally, the DGCX’s new Pakistani Rupee (PKR) Futures Contract – which just launched in the middle of the month, the first of its kind to be traded on a regulated exchange – traded a combined total of 180 lots valued at USD 2.35 million.
Continuing its strong performance during 2021, the DGCX also saw a spike in its Silver Futures Contract in April, recording a year-to-date (Y-T-D) volume growth of 146%, compared to the same period last year.
Les Male, CEO of DGCX, said: “Last month saw the DGCX Group achieve a number of historic milestones that will position us strongly going forward. Significantly, we obtained a permit from the Israel Securities Authority; enabling qualified Israeli corporations who trade on proprietary basis to become trade members and benefit from our trading services and platform. Following market demand, we also launched the world’s first PKR Future Contract – as well as signed a strategic MoU with Global Islamic Financial Services - to develop and provide Islamic derivatives and commodities for market participants going forward. We are confident that together, these initiatives will strengthen our growth, as well as support us in meeting the growing needs of our member base.”
During April, DGCX received a permit from the Israel Securities Authority, enabling the DGCX to service Israel-based market participants and qualified investors with its diversified global products and services, including its Futures and Options Contracts that cover precious metals, energy, equities and currencies.
The DGCX also signed a strategic Memorandum of Understanding (MoU) with Global Islamic Financial Services (GIFS) to partner on the future development of Islamic derivatives and commodities, as well as promote the DGCX’s Shari’ah Gold Contract, which adheres to Shari’ah principles for the ownership of gold.
The Dubai Gold & Commodities Exchange (DGCX) is the region’s leading derivatives exchange and has played a pioneering role in developing the regional market for derivatives trading, clearing and settlement.
The DGCX owns and operates the region’s largest and only multi-asset Clearing House – Dubai Commodities Clearing Corporation (DCCC). DGCX & DCCC are 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).
The DGCX’s strategic geographic location in Dubai between the Far East, Europe and Africa serves as a unique, global window for traders and investors. With over 100 members across the world, the DGCX drives liquidity in the market by offering a broad range of futures and options contracts covering base and precious metals – including the world’s only Shari’ah Compliant Spot Gold Contract – hydrocarbons, equities and currencies.
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