UAE’s leading derivatives bourse, the Dubai Gold and Commodities Exchange (DGCX), has recorded a new daily trading record on Tuesday, July 26, as heightened market volatility boosted trading on the exchange, according to a DGCX statement.
The standout figure shows the highest ever daily volume of 176,645 contracts valued at $3.6 billion. The new record also represents a 17% jump from the previously recorded high set during the previous month when the exchange registered 150,570 contracts on June 24, 2016.
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Furthermore, the DGCX recorded an all-time high in daily Open Interest (OI), which amounted to 344,610 contracts valued at $6 billion. Increasing open interest means that new money is flowing into the marketplace.
Earlier this month, Finance Magnates reported about DGXC when trading volumes on the exchange recorded an all-time high, exceeding 9.5 million contracts in the first half of this year. Fueled by the Brexit vote and its after effects on the global markets, British pound and euro futures also helped lead the charge, surging 163 percent and 121 percent respectively on a year-to-date basis.
According to Gaurang Desai, founding member and CEO of DGCX, in a recent statement on the metrics: “We are delighted to see the Exchange set this record as it affirms that our market participants are confident with taking positions and managing their risk efficiently and effectively on the DGCX platform, especially when the markets are surrounded by uncertainty influenced by geo-economic developments.”