Dubai derivatives trading hits new record - August 2011
by
Adil Siddiqui
Following on from strong performance in this year the DGCX has again reported strong results for spring/summer trading in 2011. The Dubai Gold and Commodities Exchange (DGCX) saw a significant rise in trading activity in the month of August, with the Exchange breaking volume records in four products, in addition to setting all‐time monthly and daily average volume records.
Following on from strong performance this year the DGCX has again reported strong results for spring/summer trading in 2011.
The Dubai Gold and Commodities Exchange (DGCX) saw a significant rise in trading activity in the month of August, with the Exchange breaking volume records in four products, in addition to setting all‐time monthly and daily average volume records. The Exchange reached its highest ever monthly volume of 548,566 contracts valued at $ 27.83 billion, a massive increase of 393% from last year. This surpasses the previous record of 310,990 contracts set in July 2011.
The exchange recorded an average daily volume record of 23,851 contracts worth $ 1.21 billion for the month of August. The Exchange also recorded its highest ever daily volume of 35,796 contracts on August 4, 2011.
DGCX currency products remained the mainstay of growth in August trading an all time monthly high of 511,279 contracts, a rise of 561% from last year. The currency segment also established a new monthly value record of $25.63 billion. Four currency futures recorded their highest ever monthly volume.
Speaking about the exceptional performance in August, Ahmed Bin Sulayem, Chairman of DGCX said: “The records set by DGCX demonstrate the increased trading interest in DGCX products not only in the region but also globally. The fact that this significant growth has been achieved
during the Holy month of Ramadan, which is generally considered a slow business phase in the region, is testimony to the fact that DGCX offers some of the best tools for managing currency
and commodity price risk in the region.” Indian Rupee futures recorded its highest ever monthly volume of 392,045 contracts valued at
$17.26 billion, a significant increase of 800% from last year. Indian Rupee Futures also recorded its highest ever average daily volume and value of 17,045 contracts and $750 million respectively. The product also saw its highest daily volume of 27,406 contracts on August 19, 2011.
Meanwhile, Euro futures reached its highest ever monthly volume of 96,202 contracts valued at $6.87 billion while Australian Dollar futures set monthly volume records of 5,737 contracts valued at $297.1 million and Swiss Franc futures recorded its highest ever monthly volume of 6,454 contracts valued at $420.4 million. In addition the Euro, Australian Dollar and Swiss Franc futures recorded their highest ever daily volume of 12,377; 662 and 841 contracts on August 5, August 11 and August 4 respectively. The three currency futures together contributed a total of 14,093 contracts valued at $813.87 million this month.
Among other products, DGCX Gold futures increased 18% year‐on‐year to reach 29,285 contracts while Silver futures rose 226% year‐on‐year to end the month with 3,380 contracts. WTI futures fell 44% to reach 4,622 contracts.
Following on from strong performance this year the DGCX has again reported strong results for spring/summer trading in 2011.
The Dubai Gold and Commodities Exchange (DGCX) saw a significant rise in trading activity in the month of August, with the Exchange breaking volume records in four products, in addition to setting all‐time monthly and daily average volume records. The Exchange reached its highest ever monthly volume of 548,566 contracts valued at $ 27.83 billion, a massive increase of 393% from last year. This surpasses the previous record of 310,990 contracts set in July 2011.
The exchange recorded an average daily volume record of 23,851 contracts worth $ 1.21 billion for the month of August. The Exchange also recorded its highest ever daily volume of 35,796 contracts on August 4, 2011.
DGCX currency products remained the mainstay of growth in August trading an all time monthly high of 511,279 contracts, a rise of 561% from last year. The currency segment also established a new monthly value record of $25.63 billion. Four currency futures recorded their highest ever monthly volume.
Speaking about the exceptional performance in August, Ahmed Bin Sulayem, Chairman of DGCX said: “The records set by DGCX demonstrate the increased trading interest in DGCX products not only in the region but also globally. The fact that this significant growth has been achieved
during the Holy month of Ramadan, which is generally considered a slow business phase in the region, is testimony to the fact that DGCX offers some of the best tools for managing currency
and commodity price risk in the region.” Indian Rupee futures recorded its highest ever monthly volume of 392,045 contracts valued at
$17.26 billion, a significant increase of 800% from last year. Indian Rupee Futures also recorded its highest ever average daily volume and value of 17,045 contracts and $750 million respectively. The product also saw its highest daily volume of 27,406 contracts on August 19, 2011.
Meanwhile, Euro futures reached its highest ever monthly volume of 96,202 contracts valued at $6.87 billion while Australian Dollar futures set monthly volume records of 5,737 contracts valued at $297.1 million and Swiss Franc futures recorded its highest ever monthly volume of 6,454 contracts valued at $420.4 million. In addition the Euro, Australian Dollar and Swiss Franc futures recorded their highest ever daily volume of 12,377; 662 and 841 contracts on August 5, August 11 and August 4 respectively. The three currency futures together contributed a total of 14,093 contracts valued at $813.87 million this month.
Among other products, DGCX Gold futures increased 18% year‐on‐year to reach 29,285 contracts while Silver futures rose 226% year‐on‐year to end the month with 3,380 contracts. WTI futures fell 44% to reach 4,622 contracts.
The Menace of Clones: Malta’s Regulator Warns against Fake "Documents and Emails"
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
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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.
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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
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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.
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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.
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