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.
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.