UAE’s leading derivatives bourse, the Dubai Gold and Commodities Exchange (DGCX), has reported its monthly trading volumes for September 2016, which saw positive flows across various segments, including Open Interest metrics and Indian Rupee contracts.
Despite the festival season, Average Daily Volumes (ADV) in DGCX’s product suite touched 88,131 contracts a day in September, growing 33 per cent from last year, while average OI in the month was up by 153 per cent.
Overall trading volume grew by nearly 40 percent compared to the same period last year, crossing over 14.76 million contracts this year, DGCX said in a statement. DGXC registered an average volume of 75,148 contracts a day this year to date, valued at around USD 1.71 billion.
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DGCX also registered an impressive average Open Interest (OI) figure of 438,111 contracts, representing a growth of 172 per cent over the same period last year. In addition, the exchange recorded the highest monthly overall Average Open Interest, OI, of 593,583 contracts in September 2016.
Building on the standout performance, the DGCX witnessed high volumes in the currency segment, with its flagship Indian rupee contract signifying the growth trajectory. More specifically, ADV on Rupee futures saw a Year-to-Date increase of 151 percent, trading 215,088 contracts in 2016. Indian Rupee options traded a total of 82,999 contracts in the third quarter, recording an increase of 132 percent from the same period of last year.
Also in DGCX’s currency segment, Indian Rupee Quanto witnessed brisk trading, recording the highest daily Average OI of 336,604 contracts on 28th September 2016. Monthly Average Daily Volume, ADV, on the Indian Rupee Quanto contract registered a Y-O-Y growth of 128 percent.
Gaurang Desai, CEO of DGCX, commented on the results: “We view Open Interest as the most accurate measure of growth of a contract as it indicates increased trust and market participation in DGCX, and therefore, these numbers are very encouraging. It is particularly worth highlighting the performance of our Indian Rupee Options contract which has seen a surge in trading activity recently. This is reflective of market participants increasingly viewing ‘Options’ as an effective tool to hedge against volatile markets.”