Trading volumes on the Dubai Gold and Commodities Exchange, or DGCX, continued to soar in July, pushed by gold and Indian rupee futures, to a record 965,637 contracts valued at $35.8 billion.
July volumes rose 9 per cent from June, taking the exchange’s year-to-date volumes to 4,813,649 contracts, up nearly three times from the 1,728,213 contracts achieved in the same period in 2011, the bourse said in an emailed statement on Tuesday.
Volumes on Indian rupee futures soared nearly fourfold on year to 892,349 contracts this month. Among other currency contracts, Australian Dollar futures and Swiss Franc futures grew 49% and 24% from June respectively, DGCX said.
The exchange, which is working to create adequate liquidity pools for all contracts, has introduced contract changes and incentivised market makers to provide better pricing. Chief Executive Gary Anderson said: “We are encouraged by the increased volumes that we have achieved as a result of these initiatives.” The exchange’s other bestseller contract-gold futures-also saw volumes more than double on year to 55,320 contracts. Year-to-date volumes for gold futures reached 312,772 contracts, an 11% increase from the same period in 2011, it said.
The UAE-based commodities derivatives market was launched in November 2005 to meet the Middle East’s growing needs for diversified investment and hedging options.