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Total volume on Dubai Gold & Commodities Exchange (DGCX) since inception crossed 3 million contracts on 6 May, a significant milestone in the growth of the Exchange.
Valued at US$ 128 billion, the Exchange achieved a total volume of 3,076,000 lots, traded over 885 days on 18 May. Year to date volume on the exchange has reached 410,000 contracts.
With volumes surpassing 3 million, the Exchange has entered a new phase of development, said Malcolm Wall Morris, Chief Executive, DGCX. “We have consistently worked with members to strengthen contracts, introduce strategic market making and launch the products that they wish to trade. These initiatives, coupled with new launches, have enabled the Exchange to develop and diversify its offering,” added Wall Morris.
“Despite the uncertainty of the global economy, market participants continue to favour futures contracts to hedge and balance their portfolios. The understanding of derivatives in the region; their usage and benefits, is continuously improving and this has also contributed to the success of the Exchange. To capture this momentum and develop the regional market further, DGCX has held a number education initiatives this year, specifically designed for local investors,” he added.
In 2008, the exchange recorded 1.14 million contracts, valued at US $57.5 billion, an increase of 26% on the previous year. Up to the end of 2008, over 2.6 million contracts had been traded with a value in excess of US $107 billion.
