DGCX Trades Total Value of USD 11,623 Million during June
Dubai Gold and Commodities Exchange registered a monthly Average Open Interest (AOI) of 120,960 contracts for the month of June and notional value traded of USD 11.6 billion. With the rising global inflation, political instability and stock market volatility, market participants continued to turn to alternative safe-haven assets this month.
The sustained strong performance was partly driven by DGCX’s Gold Futures Contract volumes, which delivered year-to-date (YTD) growth of 194%, with average daily volumes (ADV) 168% higher than June 2021. DGCX’s G6 currencies portfolio also continued its strong performance from the previous month with a combined total of 111,658 lots on a year-to-date basis.
One of the highlights of this month was the Indian single stock futures (SSF) which also grew 532% compared to June 2021. Demand for the Indian Rupee-backed assets showed continued growth, with the DGCX’s Rupee Mini Volume Contract recording a strong year-on-year (YOY) ADV growth of 26%.
In a significantly important strategic development, DGCX launched the listing of its Israeli Shekel Futures Contract in June 2022. The move follows the receipt of a permit from the Israel Securities Authority (ISA) in 2021, enabling qualified Israeli corporations who trade on a proprietary basis to become members of DGCX and use its trading services. Since May 2021, Israeli members have also been allowed to act as market makers on the DGCX platform.
Ahmed Bin Sulayem, Chairman and CEO of DGCX, said: “During the month of June, we continued to see growth across safe-haven assets, including our G6 Currencies portfolio and gold futures contracts. Given the continued global macroeconomic factors of growing inflation, interest rate rises and fiscal tightening, we will likely see demand for such assets continue to grow over the coming months. The introduction of the Israeli Shekel Futures Contracts adds even more choice as we expand our currency asset classes, diversify our product offering and grant more access to market participants.”
DGCX also participated in the ‘FOW Trading Israel’ event in Tel Aviv on the 28th of June, organised by Futures & Options World (FOW). As a silver sponsor of the event, Louis Hems, Commercial Director of DGCX, appeared in a vital panel discussion about cross-border opportunities.
The DGCX also hosted an exclusive workshop for its members focused on physical gold trades, refineries and bullion traders on the 21st of June 2022 and was attended by gold industry experts and business leaders. The workshop offered insights into what the future holds for gold trade in the region and globally. Attendees also took the opportunity to connect, network, discuss and explore business opportunities in the gold market.
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.
For further information please contact:
Weber Shandwick PR
Tel: +971 50 389 8914