Currecy futures help drive DGCX trade up 147% Y-o-Y in Feb (MAR-12-2012)

Currecy futures help drive DGCX trade up 147% Y-o-Y in Feb

(MAR-12-2012)

Date: 12.03.2012

Dubai Gold and Commodities Exchange (DGCX) built on its excellent start to the year with a 147% 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, DGCX said in a press release.

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 29 February.

 DGCX Indian Rupee futures set both monthly and daily volume records in February. Monthly volumes of the contract rose 218% 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 29 February, 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% from last year. All DGCX currency futures contracts except US Dollar/Canadian Dollar registered substantial month-on-month increases. Sterling/Dollar grew 15%; Yen/ Dollar 147% and Euro/Dollar 31% from January 2011 to reach 2,591 and 954 and 7,741 contracts respectively. Among DGCX’s new currency contracts, Australian Dollar rose 90% and Swiss Franc 76% 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% from January to total 1,511 contracts.  WTI Crude futures registered a strong growth of 31% from January, reaching 2,410 contracts.