DUBAI, United Arab Emirate- Dubai Gold and Commodities Exchange (DGCX), said, it registered in May, the best trading month ever, as 2,163,598 lots valued at 46.11 billion U.S.D. were traded.
The United Arab Emirates (UAE)-based market place said, throughout May, an average of 94,069 contracts changed hands per day, showing a year-on-year growth of 51 percent. The exchange has traded over 9.3 million contracts so far this year, up 39 percent from last year, with notional value exceeding 210 billion dollars.
The best performers in May were the Indian Rupee product suite, which saw Rupee Mini Futures record its highest average open interest of 108,986 contracts, and the G6 (group of six) currency pairs, which saw Euro Futures record its highest monthly volume, since Nov, 2012, with 60,394 contracts and recording its highest average open interest of 2,659.
Open interest is defined as the number of contracts outstanding in derivatives (such as futures and options) trading at any time on a market.
Les Male, CEO of the DGCX, said, "Our G6 currency portfolio performed particularly well, with foreign exchange market witnessing volatility on the back of U.S. dollar's unexpected surge, as well as, global trade discussions."
Currency derivatives can be used to hedge trading positions against future anticipated currency volatility of the foreign exchange market.
The world's only exchange-traded Spot Gold contract, in line with Islamic law (Sharia) also attracted growing interest, with over 488 kg of gold worth 20.72 million dollars executed since its listing on DGCX on Mar 29. Sharia forbids interest in finance and gambling.
Established in 2005, DGCX is an electronic commodity and currency derivatives exchange, with over 200 international members. It is the only derivatives exchange within the Gulf region, allowing global participants to trade, clear and settle transactions.
Source: NAM NEWS NETWORK