DGCX posts record quarterly volumes

Business Bureau, Gulf Today

The Dubai Gold and Commodities Exchange (DGCX) has continued its record-breaking performance this year, registering its best quarter since inception with over 7.98 million contracts traded in the third quarter of 2019, with over 2.37 million contracts traded in September, valued at $41 billion.

The Exchange also recorded a monthly Average Open Interest (AOI) of 410,847 contracts in September, its highest AOI since September 2016. Average Daily Volumes (ADV) in September reached 112,988 per day, up 20% year-on-year.

Last month’s success was primarily driven by the DGCX’s Indian Rupee (INR) product suite. Building on its record successes in August, the INR Quanto Futures contract was the standout performer once again, with the  index pricing of the Indian Rupee US dollar currency pair concluding last quarter from July to September with more than 3.78 million contracts traded. INR Mini Futures also performed strongly, registering its highest ever monthly AOI of 122,003 contracts.

DGCX also recorded a sharp uptake in its Energy portfolio last month, with Brent Crude Oil Futures and West Texas Intermediary (WTI) Futures recording growth of 154% and 121% respectively. Meanwhile, the Exchange’s flagship Gold Futures product in September recorded month-on-month (M-O-M) average daily volume growth (ADV) of 12%.

Les Male, CEO of DGCX, commented: “DGCX’s recent record volume growth and open interest records reflect the strength and depth of our offerings, and increased  investor confidence in the Exchange. Last month’s achievements were driven by ongoing geo-political instability, including continued uncertainty surrounding Brexit and the US and China trade war.