As emerging market currencies continue tanking lower in anticipation of the first Federal reserve rate hikes, the Dubai Gold and Commodities Exchange launches new futures contracts catering to exotics FX traders.
The Dubai Gold and Commodities Exchange (DGCX) has announced the expansion of its portfolio of more exotic FX products, adding futures on the Russian ruble, the Korean won and the South African rand.
The new futures contracts complement the DGCX emerging-FX portfolio of derivatives products which, up until now, included only the Indian rupee. The products will enhance the position of the DGCX as the largest exchange-traded FX derivatives venue in the region.
The contracts are cash settled, trading from Monday through Friday from 8:30am to 11:30pm Dubai Time (4:30am to 7:30pm GMT). The contracts are sized at USD 50,000 with the contract price quoted in US dollars.
Clearing the new offerings is the wholly owned subsidiary of DGCX, the Dubai Commodities Clearing Corporation (DCCC).
The DGCX Interim CEO, Gaurang Desai, commented in the announcement, "Emerging Market currencies have been extremely volatile in the past few years due to various macro-economic factors. The launch of the Russian Ruble, Korean Won and South African Rand Futures represents an important facet of our comprehensive and long-term Emerging Market product strategy."
"With the increasing prominence of these three currencies in the emerging - markets landscape, the launch of these contracts assumes considerable significance. The Middle East's trading links with South Africa, Russia and South Korea have been growing rapidly over the past few years and businesses transacting with these markets need to make sure that their currency price risk is managed effectively to ensure their long-term sustainability," he added.
Hedging strategies are key in transacting with volatile emerging markets' currencies with most of the region’s own currencies pegged to the value of the US dollar, which brings stability to the domestic market but increasing risks from spillover effects from lower oil prices.
Following are the full specifications of the new contracts offered.
The Dubai Gold and Commodities Exchange (DGCX) has announced the expansion of its portfolio of more exotic FX products, adding futures on the Russian ruble, the Korean won and the South African rand.
The new futures contracts complement the DGCX emerging-FX portfolio of derivatives products which, up until now, included only the Indian rupee. The products will enhance the position of the DGCX as the largest exchange-traded FX derivatives venue in the region.
The contracts are cash settled, trading from Monday through Friday from 8:30am to 11:30pm Dubai Time (4:30am to 7:30pm GMT). The contracts are sized at USD 50,000 with the contract price quoted in US dollars.
Clearing the new offerings is the wholly owned subsidiary of DGCX, the Dubai Commodities Clearing Corporation (DCCC).
The DGCX Interim CEO, Gaurang Desai, commented in the announcement, "Emerging Market currencies have been extremely volatile in the past few years due to various macro-economic factors. The launch of the Russian Ruble, Korean Won and South African Rand Futures represents an important facet of our comprehensive and long-term Emerging Market product strategy."
"With the increasing prominence of these three currencies in the emerging - markets landscape, the launch of these contracts assumes considerable significance. The Middle East's trading links with South Africa, Russia and South Korea have been growing rapidly over the past few years and businesses transacting with these markets need to make sure that their currency price risk is managed effectively to ensure their long-term sustainability," he added.
Hedging strategies are key in transacting with volatile emerging markets' currencies with most of the region’s own currencies pegged to the value of the US dollar, which brings stability to the domestic market but increasing risks from spillover effects from lower oil prices.
Following are the full specifications of the new contracts offered.
Interactive Brokers Expands Offerings with Daily Options on French Stocks
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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