The Dubai Gold and Commodities has announced promising results for daily trade volume in March.
- March volumes rise 141% year-on-year to reach 550,735 contracts, valued at $22.8 billion
- Indian Rupee futures achieve highest ever monthly volume of 495,153 contracts
- Year-to-date volumes jump 126% from 2011 to reach 1,545,899 contracts
March volumes on the Dubai Gold and Commodities Exchange (DGCX) registered a substantial growth of 141% from the previous year to reach 550,735 contracts, the highest ever monthly volumes achieved by the Exchange. March volumes represent a value of $22.8 billion.
Year-to-date volumes saw a huge jump of 126% from 2011 to reach 1,545,899 contracts at the end of March while average daily volume increased 152% from last year to reach 25,033 contracts.
A 197 % year-on-year rise in currency volumes was the mainstay of volume growth in March. Indian Rupee continued to be a standout performer among currency futures, achieving its highest ever monthly volume of 495,153 contracts in March, a rise of 257% from last year. Meanwhile, Australian Dollar futures grew 24% from last year to touch 2,150 contracts. Sterling/Dollar and Dollar/Yen futures grew 69% and 96% from February reaching 4,376 and 1,869 contracts respectively.
FBS CopyTrade Launches a New Card Scanning Feature!Go to article >>
Ahmed Bin Sulayem, Chairman of DGCX said, “DGCX’s record-breaking performance in March has been driven by the Exchange’s initiatives to catalyse liquidity and volume growth in its contracts. With uncertainty high in today’s economic environment, the Exchange offers a unique platform to both mitigate risk and benefit from currency and commodity volatility. We expect sustained growth in trading volumes across precious metals, energy and currencies on DGCX.”
Among precious metal futures, Gold saw brisk trading in March, rising 34.2% from the previous month to aggregate 37,189 contracts. Silver futures declined 30% from February to end March with 1,057 contracts.
The DGCX was the first exchange to offer Indian Rupee futures contracts. DGCX was founded by Financial Technologies of India, a technology provider who is behind India’s largest commodities exchange MCX.
Forexmagnates team conducted a detailed report on the daily trade volumes in the institutional FX market, it found that the CME has an average volume of $110 billion in currency futures.
UK-based Berkeley Futures has added conncectivity to the UAE exchange via PATSYStems technology.