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From today, DGCX brokers will be able to trade Euro/US Dollar, Yen/US Dollar and Sterling /US Dollar contracts with other contracts coming on line over time. Each of these currencies will have four forward months contracts maturing in March, June, September and December. The contract size for Euro/USD and Sterling/USD will be 50,000 while the contract size for Yen/USD will be 5,000,000.
DGCX continues to develop apace with the existing contracts achieving phenomenal growth. In the most recent market update, DGCX confirmed that Gold futures volumes grew by 54% from April to May, reaching a staggering 62,139 Kilos. These figures include a highest ever daily traded volume of 6062 contracts on 15th May. With commodity markets in the middle of a major bull run, the introduction of a diverse range of commodities on DGCX, offers an ideal platform for market participants to trade all the products on a single exchange platform. The Exchange plans to introduce futures contracts on steel and marine fuel oil in the fourth quarter of 2006.
The trading of currency contracts will be open to all broker members of DGCX. Around 75 broker members who are currently trading gold and silver futures will be eligible to trade currency futures as well.
Framroze Pochara, CEO DGCX stated “We are very happy with the growth of volumes on DGCX in the past 7 months and the interest evinced by the international and established commodity players in DGCX. This success gives us great confidence as we enter yet another market with the launch of currency contracts.
Launching a new exchange is extremely challenging. You need good people, the right technology, able partners, a supportive administration and government and plenty of hard work. Everyone involved in the DGCX can be just proud of where we have got to in the seven months since launch”
