The Dubai Gold and Commodities Exchange (DGCX) is one of the latest exchanges to report its trading volumes for September, with the derivatives exchange revealing this Tuesday that it had a record-breaking performance during the month.
In particular, DGCX recorded its best quarterly performance since its inception back in 2005, the statement said, with more than 7.98 million contacts traded in the third quarter of this year (July to September).
Not only did the exchange post solid results on a quarterly basis, but it also reported a solid trading volume for September, with more than 2.37 million contracts traded with a value of $41 billion.
During September, DGCX achieved a monthly Average Open Interest (AOI) of 410,847 contracts. This is the exchange’s highest AOI in two years, since September of 2016.
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Furthermore, the commodities exchange noted an average daily volume of 112,988 contracts during September. When measuring this against the same period of the previous year, it is higher by 20 percent.
DGCX volumes driven by INR products
According to the statement, this uptick in trading volumes was primarily driven by the exchange’s Indian rupee (INR) product suite, with the INR Quanto Futures contract yet again being the standout performer.
Specifically, during the third quarter of 2019, more than 3.78 million INR Quanto Futures contracts were traded. In September, INR Mini Futures also achieved a strong performance, registering its highest ever monthly AOI of 122,003 contracts.
Speaking on the results, Les Male, CEO of DGCX, commented: “DGCX’s recent record volume growth and open interest records reflect the strength and depth of our offerings, and increased investor confidence in the Exchange. Last month’s achievements were driven by ongoing geo-political instability, including continued uncertainty surrounding Brexit and the US and China trade war.”
“Moving into the last quarter of the year, we will continue to focus on growing our membership base and expanding our footprint, and we are optimistic that we will keep our momentum going, enabling an increasing number of investors to hedge their risks during periods of volatility.”