Arab Today, arab today dgcx february volumes rise 147
Last Updated : GMT 16:01:57
Arab Today, arab today
Arab Today, arab today

DGCX February volumes rise 147%

Arab Today, arab today

Arab Today, arab today DGCX February volumes rise 147%

Dubai - Arabstoday

Dubai Gold and Commodities Exchange (DGCX) built on its excellent start to the year with a 147 per cent year-on-year rise in monthly volumes in February. Total monthly volumes on the Exchange in February touched 519,222 contracts, valued at $21.92 billion. Brisk trading during the month saw DGCX setting four all-time daily volume records on 29 February. Total overall daily volumes of 39,034 contracts registered by DGCX on the day surpassed the previous highest of 35,996 contracts set in September 2011. DGCX also recorded its highest-ever number of daily trades of 23,950 contracts on Feb.29. DGCX Indian Rupee futures set both monthly and daily volume records in February. Monthly volumes of the contract rose 218 per cent from last year to total 473,793 contracts, beating the previous month’s record of 431,902 contracts. The contract also set a daily volume record of 35,727 on Feb.29, exceeding the previous highest of 34,046 contracts established in September last year. The Indian Rupee futures contract also registered its highest ever-daily value of $1.44 billion on the same day. Currency futures were the mainstay of February volumes aggregating 487,597 contracts, a rise of 183 per cent from last year. All DGCX currency futures contracts except US Dollar/Canadian Dollar registered substantial month-on-month increases. Sterling/Dollar grew 15 per cent; Yen/ Dollar 147 per cent and Euro/Dollar 31 per cent from January 2011 to reach 2,591 and 954 and 7,741 contracts respectively. Among DGCX’s new currency contracts, Australian Dollar rose 90 per cent and Swiss Franc 76 per cent from January to reach 1,346 and 490 contracts. Ahmed Bin Sulayem, Chairman of DGCX said: “We are delighted to have set four daily volume records early in the year, a testimony to the success we have had in providing effective tools to manage price volatility and enhancing liquidity to support investor participation.” Among precious metals, Silver futures volumes in February grew 26 per cent from January to total 1,511 contracts.  WTI Crude futures registered a strong growth of 31 per cent from January, reaching 2,410 contracts. Established in 2005, DGCX is the region’s first derivatives exchange and the only one allowing participants to clear and settle transactions within the Gulf region. The Exchange has played a pioneering role in developing the regional market for derivatives. DGCX is a Dubai Multi Commodities Centre (Dubai Government) initiative in partnership with Financial Technologies (India) Limited and Multi Commodity Exchange of India Limited (MCX).

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