DGCX futures volumes rise

Tuesday, 08 September 2009

Currency futures continued to drive volumes on the Dubai Gold & Commodities Exchange (DGCX) in August, leading to a 44 per cent year-on-year growth in total transactions at 151,699 contracts.

The DGCX traded contracts worth US$8.84 billion in August, one of the busiest months for the exchange in 2009.

While trade in all four currency pairs was higher compared with the same period last year, total volume growth was mainly supported by euro/dollar and GBP/dollar futures, which rose by 195 per cent and 327 per cent respectively.

Total currency futures volumes increased 330 per cent in August to 88,189 contracts compared with August 2008. In addition to activity in currencies, the DGCX also traded 50,182 gold and 13,311 WTI crude oil futures contracts in August, down 33 per cent and up 43 per cent respectively on 2008.

On August 7, currency futures achieved a record daily high of 7655 contracts, valued at US$583.86 million. Total transactions for all products also rose to 13,317 contracts on August 12, t0he highest daily volume achieved in 2009 and the second highest since the exchange launched in November 2005.