DGCX STARTS 2021 STRONGLY, TRADING A TOTAL VALUE OF USD 12.68BN IN JANUARY
Dubai, 01 February 2021: The Dubai Gold & Commodities Exchange (DGCX) today announced that it traded a total value of USD 12.68 billion in January, as well as registered an average monthly Average Open Interest (AOI) of 155,655 contracts.
During the month, the DGCX’s Silver Futures product continued to perform strongly recording a year-to-date (Y-T-D) volume growth of 556.49% compared to the same period last year. The exchange also registered the highest open interest for its Euro (EUR) FX Rolling Futures Contracts since its launch, with 1,932 contracts as members looked to manage their risk.
Les Male, CEO of DGCX, said: “After a challenging 2020, we are delighted to begin the year with the launch of a new product, the Daily Gold Futures Contract, which further expands our portfolio of precious metal products. This represents just one of many services that we hope to introduce in the coming year, as we aim to provide additional hedging and investment opportunities for our member base and market participants. During the month of January, the performance of our Silver Futures was particularly of note, as well as our G6 Currencies.”
The launch of the Daily Gold Futures Contract, a 12.5kg physically delivered contract, follows increased market demand for the yellow metal.
The DGCX has also extended the New Market Participant Scheme, which was introduced in June 2020, through to the end of 2021. The scheme offers a rebate of trading fees of up to 75% during the first three months of their trading, and 50% during their first four to six months of trading. The scheme is eligible to individual clients of an existing DGCX Broker as well as existing members that have not traded on the DGCX for at least the past 6 months. To read more about the scheme, please click here.
The DGCX Group will also be hosting a virtual webinar for investors and members of the Group about trading strategies for the INR Suite. The webinar, set to be hosted on the 3rd of February 2021, will highlight trading INR Suite’s strategies and opportunities with market experts. For more information on the session, please click here.
The Dubai Gold & Commodities Exchange (DGCX) is the region’s leading derivatives exchange and has played a pioneering role in developing the regional market for derivatives trading, clearing and settlement.
The DGCX owns and operates the region’s largest and only multi-asset Clearing House – Dubai Commodities Clearing Corporation (DCCC). DGCX & DCCC are regulated by the Securities & Commodities Authority (SCA). It is recognised as a licensed Central Clearing-Counterparty (CCP) by SCA and a Third-Country CCP by European Securities Markets Authority (ESMA).
The DGCX’s strategic geographic location in Dubai between the Far East, Europe and Africa serves as a unique, global window for traders and investors. With over 100 members across the world, the DGCX drives liquidity in the market by offering a broad range of futures and options contracts covering base and precious metals – including the world’s only Shari’ah Compliant Spot Gold Contract – hydrocarbons, equities and currencies.
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