DUBAI / WAM
February marked another strong month of trading for the Dubai Gold and Commodities Exchange (DGCX) driven by continued global market volatility and the availability of expanded product offering and deepened member community.
Trading volumes on the exchange recorded growth of 42% during February 2016 compared to the same period last year, while average daily Open Interest rose by 50 percent.
Launch of 15 Single Stocks Futures (SSF) 10 Indian stocks and 5 US stocks, allowed local trading and the investor community to access global stock markets while keeping their money in the UAE. At the same time, it offered global market participants of DGCX an exciting alternative to trade Indian and US equities. The equities segment showed an encouraging trend with a growth of 80% in average daily volume, from 535 contracts in January to 965 in February. Energy was another key trading segment this month, with WTI Futures recording its highest daily average Open Interest of 1,215 contracts, up 130% from January 2016. The Gold Futures contract continued to be a consistent performer. Gold recorded average Daily Volumes of 1,700 contracts, an increase of 52% over January 2016. Gold products group Open Interest also grew by 60% over January 2016.
Gaurang Desai, the CEO of DGCX, said, â€œWe are very pleased with the exchangeâ€™s positive growth trajectory. Our expanded product offerings have gained significant traction, especially the newly launched Single Stocks Futures. We strive to remain the exchange of choice for our members and continue to expand our appeal to investors looking for reliable and safe opportunities to protect their assets.