DGCX Records Highest Average Open Interest Since 2016 Following Spike in Indian Rupee Trading
The Dubai Gold & Commodities Exchange (DGCX) saw a spike in Indian Rupee (INR) trading last month as the India election came to a close, leading the Exchange to record a monthly Average Open Interest (AOI) of 406,203 contracts in May, its highest AOI since November 2016. Ongoing political tensions across Europe on the back of continued Brexit talks also saw Euro Futures record its highest monthly Average Open Interest (AOI) with 3,886 contracts. For the month of May, a total of 1,827,176 contracts were traded, valued at USD 35 billion.
All three INR contracts performed well last month. INR Quanto Futures, the index pricing of the Indian Rupee US dollar currency pair, recorded its best month ever in May, and has now traded over 2 million lots year-to-date, up 28% year-on-year. Rupee Mini Futures recorded the third highest AOI with 117,390 contracts in May.
Les Male, CEO of DGCX, commented: “The Open Interest levels we set in May reflect the robustness of our trading platform, and are a clear indication of the sustainable growth we are experiencing in resident interest and liquidity. This comes as no surprise as we push forward with our efforts to provide our market participants with a wide range of products to effectively manage their risk and protect themselves during volatile times. Last month was a prime example of this, as we saw our INR portfolio perform especially well as the India election came to a close, and our members sought our contracts for hedging and investment purposes.”
DGCX’s West Texas Intermediary (WTI) Futures also gained traction in May following increased volatility in oil markets. The contract recorded month-on-month volume growth of 90%, and Y-O-Y growth of 74%.
About DGCX: Established in 2005, DGCX is the region’s leading derivatives exchange and the only one allowing global participants to trade, clear and settle transactions within the Gulf region. The Exchange has played a pioneering role in developing the regional market for derivatives and financial infrastructure. DGCX is an electronic commodity and currency derivatives exchange with over 200 members from across the globe, offering futures and options contracts covering the precious metals, energy, equities and currency sectors. DGCX is a subsidiary of DMCC (Dubai Multi Commodities Centre), a Dubai Government Authority for trade, enterprise and commodities. For more information: www.dgcx.ae
DGCX also owns and operates the region’s largest and only multi-asset Clearing House – Dubai Commodities Clearing Corporation (DCCC). DCCC is federally regulated by the Securities & Commodities Authority (SCA) and is recognized as a Third-Country CCP by European Securities Markets Authority (ESMA) with over 90 clearers from across the globe. For more information: www.dccc.co.ae
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