- DGCX listed Australian Dollar/US Dollar (DAUD), Canadian Dollar/US Dollar (DCAD) and Swiss Franc/US Dollar (DCHF) futures contracts on June 15, 2010
- Total of 881 AUD, CAD and CHF contracts were transacted in the first week of trading, valued at US $ 40 million
Dubai Gold & Commodities Exchange (DGCX) listed its new currency contracts on June 15 – Australian Dollar/US Dollar (DAUD), Canadian Dollar/US Dollar (DCAD) and Swiss Franc/US Dollar (DCHF) – amid healthy demand from participants.
The region’s strong appetite for currency products was evidenced in the first week of trading for the new contracts - a total of 881 of contracts, valued at US$ 40 million, were transacted during the opening week.
“Our wider currency offering provides participants with further financial tools to manage exchange rate volatility. The new contracts meet the hedging and investment requirements of participants, while also enabling them to gain exposure to the strong economic fundamentals of these currencies,” Eric Hasham, Chief Executive Officer, DGCX, said.
Other currency contracts trading on the Exchange include Euro/US Dollar, Sterling/US Dollar, Yen/US Dollar and Indian Rupee/US Dollar futures contracts. Currencies have remained the fastest growing segment on DGCX with year-to-date volume rising 138%.
DGCX is the only futures Exchange outside of the US and Europe to offer the world’s six most liquid currency futures pairs. It is also the only Exchange in the region to offer currency futures with the added benefit of local clearing facilities which help safeguard participants against counterparty risk and guarantees settlement.
The new currency contracts can be traded from 8:30am to 11:30pm Dubai Time (4:30am to 7:30pm GMT and 12:30am to 3:30pm Eastern Time). The contracts are sized at CHF 50,000, AUD 50,000 and CAD 50,000, with the contract price quoted in US dollars. The minimum price fluctuation is US $0.0001 per contract, equivalent to a tick value of US $5 per contract. The first delivery month available for trading for all three contracts is September 2010.