The Dubai Gold & Commodities Exchange (DGCX) has reported its trading volumes for the month ending September 2017, reiterating a strong YoY climb across its futures and currency business, per a company statement.
As market participants digested the implications of the election outcome in the eurozone’s most powerful economy, the average daily volumes (ADV) of DGCX’s product suite touched a strong milestone of 93,604 contracts a day in September 2017, signifying increased interest and liquidity.
Meanwhile, the exchange’s aggregate trading volume grew by double digits compared to the same period last year, crossing over 1.87 million contracts. In addition, the bourse recorded its highest ever daily volume on September 27, trading 202,571 contracts with a notional value of USD 4 billion.
What’s Holding Back Blockchain Adoption? The Answer is Simple - ConnectivityGo to article >>
Building on the standout performance, the DGCX witnessed high volumes in the currency segment, with its flagship G6 currency portfolio signifying the growth trajectory in September.
DGCX registered impressive year-on-year growth across euro and British pound futures contracts, recording month-on-month growth of 67 percent and 19 percent respectively. Also in DGCX’s currency segment, the euro traded its highest volume with 172,291 contracts so far this year, while the pound recorded its highest average Open Interest (OI) of 832 contracts.
The uptick in precious metals prices was also a main vehicle of growth at DGCX during September 2017. DGXC’s flagship gold contract, Dubai Gold, achieved its highest Average OI since 2012. Meanwhile, the Dubai India Gold Quanto recorded its highest OI of 2,806 contracts on September 11, 2017.
Commenting on the exchange’s performance, Gaurang Desai, CEO of DGCX, said: “September was a notable month for DGCX, and we thank our members, customers, and partners for their constant support. Not only did we achieve our highest-ever monthly average daily volume, which is a proud and exciting moment for us, but we collectively continued to push the envelope. This includes our recent tie-up with the Market Data Connect service making DGCX contracts ever more accessible to traders in London and being recognized for pioneering contracts that provide significant value to investors and traders. As the largest derivatives Exchange in the region, our endeavor is to improve our capabilities and provide innovative offerings which will support DGCX market participants to make well-informed decisions amid any market situation.”