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DUBAI / WAM
The Dubai Gold & Commodities Exchange (DGCX) recorded a monthly Average Open Interest (AOI) of 134,154 contracts during the month of March, and registered trading volume with a total value of $15.74 billion.
In response to further inflation, policy decisions and continued geo-political conflict around the globe, there was a surge in demand for DGCX’s G6 currency future contracts during March, as it recorded a year-to-date (YTD) growth of 140.11% as compared to the same period last year.
Among the G6 currency pairs, the euro and British pound futures contracts recorded a year-on-year (YOY) advanced growth of 527.5% and 261.5% respectively. Trading volumes in the Japanese yen as well as the Australian dollar registered a significant YTD growth of 339.2% and 755.76% respectively.
Additionally, DGCX’s Pakistani rupee futures contract registered highest monthly volume since its launch in 2021, registering a combined total of 7,158 lots valued at $79.52 million during March.
Les Male, CEO of DGCX, said, “Trading activity for March was led by the DGCX’s currency portfolio, as market participants looked to manage currency risk in an uncertain climate arising from geopolitical events and changing monetary policies. The G6 currency portfolio in particular saw a significant increase in demand, with all six contracts witnessing an uptick in volumes. We remain committed to providing our members with innovative and value-added products and continue to work towards offering them the best possible trading experience.”
During the month, the DGCX participated at the Arab Federation of Capital Markets (AFCM) Annual Conference 2022, which brought together more than 2000 attendees from exchanges, financial market regulatory bodies, brokerage firms, investment fund managers and economic journalists. The exchange also hosted a webinar in collaboration with the Global Islamic Financial Services (GIFS), which discussed Islamic Derivatives Products as well as the exchange’s Shariah Gold Futures Contract.
Additionally, the DGCX’s clearing house, the Dubai Commodities Clearing Corporation (DCCC), announced the renewal of its recognition as a third country CCP (TC-CCP) by the European Securities and Markets Authority (ESMA) during March. The announcement reflects the DCCC’s adherence to international regulatory standards and confirms its alignment with stringent risk management and governance frameworks.