DGCX Reports 357% YoY Jump in July Trading Volumes

The Dubai Gold and Commodities Exchange (DGCX) witnessed a strong demand for Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term trading in July. Overall, the volumes for its G6 currency portfolio jumped 357 percent year-on-year.

Today’s press release detailed that the 3 leading foreign exchanges for the month were the Japanese yen, the British pound, and the euro, as their average daily volume (ADV) surged by 767 percent, 267 percent, and 263 percent respectively.

Commenting on the growing demand, DGCX CEO Les Male sai: “The consistent growth of our trading volumes and product offering reflects our ongoing success and expanding member community. We pride ourselves on being a member-led exchange, introducing innovative contracts that meet the growing needs of our investors, particularly during periods of uncertainty, like we see today.”

The latest numbers echo the growth trend of the exchange as last month it posted 265.56 percent year-on-year volume jump, Finance Magnates reported.

Meanwhile, other trading platforms around the world are also reporting a similar jump in volumes, with a significant increase in market demand. However, a correction in the market can also be seen taking place.

Aggressively Extending Its Offerings

The middle eastern exchange also launched FX rolling futures contracts for three currencies - the euro, the British pound, and the Australian dollar against the US dollar. It also expanded its leading INR/USD contracts by adding a weekly contract for the same, including Indian rupee contracts that are among the most popular offerings from the exchange.

“Before the end of the year, we plan on launching more unique products as the market evolves, providing further opportunities for investors and businesses to protect their positions against price fluctuations in today’s difficult climate,” the CEO stated.