DGCX Trading Volumes Led by G6-Currencies in March
The Dubai Gold & Commodities Exchange (DGCX) recorded a monthly Average Open Interest (AOI) of 134,154 contracts during the month of March, and registered trading volume with a total value of USD 15.74 billion.
In response to further inflation, policy decisions and continued geo-political conflict around the globe, there was a surge in demand for the DGCX’s G6 Currency Future Contracts during March, as it recorded a year-to-date (Y-T-D) growth of 140.11% as compared to the same period last year.
Among the G6 currency pairs, the Euro and British Pound futures contracts recorded a year-on-year ADV growth of 527.5% and 261.5% respectively. Trading volumes in the Japanese Yen, as well as the Australian Dollar, registered a significant year-to-date growth of 339.2% and 755.76% respectively.
Additionally, the DGCX’s Pakistani Rupee (PKR) Futures Contract also registered the highest monthly volume since its launch in 2021, registering a combined total of 7,158 lots valued at USD 79.52 million during the month.
Les Male, CEO of DGCX, said: “Trading activity for March was led by the DGCX’s currency portfolio, as market participants looked to manage currency risk in an uncertain climate arising from geopolitical events and changing monetary policies. The G6 Currency portfolio in particular saw a significant increase in demand, with all six contracts witnessing an uptick in volumes. We remain committed to providing our members with innovative and value-added products and continue to work towards offering them the best possible trading experience.”
During the month, the DGCX participated in the Arab Federation of Capital Markets (AFCM) Annual Conference 2022, which brought together more than 2000 attendees from exchanges, financial market regulatory bodies, brokerage firms, investment fund managers and economic journalists. The exchange also hosted a webinar in collaboration with the Global Islamic Financial Services (GIFS) which discussed Islamic Derivatives Products as well as the exchange’s Shariah Gold Futures Contract.
Additionally, the DGCX’s clearing house, the Dubai Commodities Clearing Corporation (DCCC), announced the renewal of its recognition as a third country CCP (TC-CCP) by the European Securities and Markets Authority (ESMA) in March. The announcement reflects the DCCC’s adherence to international regulatory standards and confirms its alignment with stringent risk management and governance frameworks.
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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