By Staff writer
Exchange has already traded 20.3m contracts this year worth $373bn
The Dubai Gold and Commodities Exchange (DGCX) is on course to break last year’s annual volumes record of 22.3 million contracts traded, having already traded 20.3m contracts this year, valued at $373 billion.
Last month, the DGCX traded 1.68m contracts, and registered average daily volumes (ADV) of 72,921, up 11.5 percent year-on-year (Y-O-Y). RakBank was also listed as a new trade member.
October’s trading was underpinned by the DGCX’s flagship Gold Futures product, which recorded Y-O-Y ADV growth of 377 percent, and year-to-date (Y-T-D) total volume growth of 70 percent compared to the same period last year.
The DGCX’s INR Quanto Futures contract also performed strongly, registering substantial Y-T-D total volume growth of 116 percent, while Brent Crude Oil Futures recorded Y-T-D total volume growth of 38 percent compared to the same period last year.
Les Male, CEO of DGCX, said: “The DGCX’s strategic focus throughout 2019 has been on diversifying our product offering based on our market participants’ needs, and expanding our membership base both locally and globally.
“We have achieved remarkable success on both fronts so far this year, allowing us to strengthen our unique value proposition and break numerous records.
“We are looking forward to a strong finish to the year, and are confident we will see increased demand for our derivatives products on the back of continued global volatility.”