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Fri 31 Jan 2020 02:31 PM

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Dubai's DGCX to hold special trading session for Indian budget

Dubai Gold & Commodities Exchange last held a special trading session on February 28, 2015

Dubai's DGCX to hold special trading session for Indian budget

The Dubai Gold & Commodities Exchange (DGCX) is to hold a special trading session on Saturday to allow market participants to hedge their risk before, during and after the announcement of the 2020 Union Budget of India.

All products listed on the DGCX will be available for trading. The market will open at 7am Dubai time with continuous trading until 3.30pm on the same day. Post trade reports will be made available for download from 4.30pm.

Trades from Friday will be settled on Saturday while all trades on Saturday will be settled on Monday February 3.

Les Male, CEO of DGCX, said: “Although an unusual announcement, the decision has been taken in conjunction with the DGCX Group’s Members. An event like the Union Budget of India has the power to drive markets, and as such, with the DGCX’s ‘customer first’ approach, we decided it was only fitting that we give ample opportunity for traders to hedge their risk.”

The DGCX last held a special trading session on Saturday, February 28, 2015, which saw trading across all Indian Rupee products as well as the precious metals and equities asset classes.

DGCX broke its annual volumes and average open interest (AOI) records last year, making 2019 its most successful year since launch.

The exchange said it traded 23.06 million contracts in 2019 - beating its previous record of 22.26 million contracts traded in 2018 - with DGCX’s wholly-owned clearing house, the Dubai Commodities Clearing Corporation (DCCC) clearing over $866 billion in notional value.

DGCX said it also recorded its highest yearly AOI in 2019 with 324,803 contracts, up from 284,736 contracts in 2018.

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