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Currency Futures Drive DGCX Trading Volumes to Record Highs in 2013

by Avi Mizrahi
  • Indian Rupee, Japanese Yen and Swiss Franc futures all registered impressive double digit growth Year-Over-Year in trading volumes at the Dubai venue in 2013. CEO Looking to add SPOT Gold later this year.
Currency Futures Drive DGCX Trading Volumes to Record Highs in 2013
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DGCX logo

The Dubai Gold and Commodities Exchange (DGCX) has published today its total volume figures for the year of 2013, presenting new all-time highs reached at the trading venue.

The DGCX is an electronic precious metals, energy and currency derivatives exchange, which was established in 2005 by the Dubai Multi Commodities Centre, a strategic initiative of the local government, in cooperation with India’s Financial Technologies in order to enhance commodity trade flows in the Emirate. In April 2013, the exchange reached a trading volume of over $1 trillion for the first time.

Annual volumes at the DGCX grew 43% from 2012 to reach 13,759,255 contracts in 2013, the Exchange's highest ever figure, representing a value of $448.25 billion. Average daily volume (ADV) during the year increased considerably too, reaching another all-time high of 54,384 contracts.

2013 saw the Exchange setting many other records including the highest-ever monthly volume of 1,593,150 contracts in June; the highest daily volume of 127,231 contracts achieved on 20 June, 2013; and the highest average open interest of 32,828. DGCX also registered its highest daily trading value of $3.8 billion on 15 April, 2013, and highest average daily volume in a month of 83,850 contracts in June 2013.

Currencies were the main driver of growth aggregating 13,178,027 contracts in 2013, an increase of 48% from the previous year. Indian rupee futures registered a 36% growth from 2012 to reach 11,783,685 contracts. Yen and Swiss franc futures, which grew 54% and 32% respectively, were the other high performing currency contracts.

Gary Anderson, the CEO of the Exchange, commented in the announcement: "DGCX has continued its robust growth through 2013 with a combination of new initiatives to increase Liquidity , a range of new products and an enhanced technology platform designed to increase trading speed and capacity. As part of our diversification strategy, we will be looking to add new products, including spot gold and plastic contracts in 2014, in addition to widening of our emerging markets portfolio."

The Exchange's other top performing contracts in 2013 included the Mini-Indian rupee futures, DGCX's smaller version of the regular Indian rupee contract launched earlier in the year, which had volumes of 1,198,476 contracts in just over eight months of trading, and silver futures which increased 59% from 2012, to reach 18,491 contracts.

2013 DGCX Volume Highlights

Highest-ever Yearly Volumes - 13,759,255 contracts

Highest-ever Monthly Volume (achieved in June 2013) - 1,593,150 contracts

Highest-ever Average Daily Volume (achieved in June-2013) - 83,850 contracts

Highest-ever Yearly Value - $448.25 billion

Highest-ever Quarterly Value (Q2-2013) - $140.96 billion

Highest-ever Average Monthly Open Interest (June-2013) - 53,567 contracts

Highest-ever Monthly Trades (July-2013) - 990,333 trades

Highest-ever Daily Volume (20-June-2013) - 127,231 contracts

Highest-ever Daily Value (15-April-13) - $3.8 billion

DGCX logo

The Dubai Gold and Commodities Exchange (DGCX) has published today its total volume figures for the year of 2013, presenting new all-time highs reached at the trading venue.

The DGCX is an electronic precious metals, energy and currency derivatives exchange, which was established in 2005 by the Dubai Multi Commodities Centre, a strategic initiative of the local government, in cooperation with India’s Financial Technologies in order to enhance commodity trade flows in the Emirate. In April 2013, the exchange reached a trading volume of over $1 trillion for the first time.

Annual volumes at the DGCX grew 43% from 2012 to reach 13,759,255 contracts in 2013, the Exchange's highest ever figure, representing a value of $448.25 billion. Average daily volume (ADV) during the year increased considerably too, reaching another all-time high of 54,384 contracts.

2013 saw the Exchange setting many other records including the highest-ever monthly volume of 1,593,150 contracts in June; the highest daily volume of 127,231 contracts achieved on 20 June, 2013; and the highest average open interest of 32,828. DGCX also registered its highest daily trading value of $3.8 billion on 15 April, 2013, and highest average daily volume in a month of 83,850 contracts in June 2013.

Currencies were the main driver of growth aggregating 13,178,027 contracts in 2013, an increase of 48% from the previous year. Indian rupee futures registered a 36% growth from 2012 to reach 11,783,685 contracts. Yen and Swiss franc futures, which grew 54% and 32% respectively, were the other high performing currency contracts.

Gary Anderson, the CEO of the Exchange, commented in the announcement: "DGCX has continued its robust growth through 2013 with a combination of new initiatives to increase Liquidity , a range of new products and an enhanced technology platform designed to increase trading speed and capacity. As part of our diversification strategy, we will be looking to add new products, including spot gold and plastic contracts in 2014, in addition to widening of our emerging markets portfolio."

The Exchange's other top performing contracts in 2013 included the Mini-Indian rupee futures, DGCX's smaller version of the regular Indian rupee contract launched earlier in the year, which had volumes of 1,198,476 contracts in just over eight months of trading, and silver futures which increased 59% from 2012, to reach 18,491 contracts.

2013 DGCX Volume Highlights

Highest-ever Yearly Volumes - 13,759,255 contracts

Highest-ever Monthly Volume (achieved in June 2013) - 1,593,150 contracts

Highest-ever Average Daily Volume (achieved in June-2013) - 83,850 contracts

Highest-ever Yearly Value - $448.25 billion

Highest-ever Quarterly Value (Q2-2013) - $140.96 billion

Highest-ever Average Monthly Open Interest (June-2013) - 53,567 contracts

Highest-ever Monthly Trades (July-2013) - 990,333 trades

Highest-ever Daily Volume (20-June-2013) - 127,231 contracts

Highest-ever Daily Value (15-April-13) - $3.8 billion

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