DUBAI — Dubai Gold and Commodities Exchange (DGCX) has registered a 11 percent growth in year-to-date volumes, with more than 7. 5 million contracts. The exchange also recorded the highest average monthly open interest (OI) in July with more than 78,000 contracts, beating the previous high of about 59,688 contracts in March, said a statement.
The growth in OI was driven by strong performance in the exchange's emerging markets contracts particularly on the newly launched Quanto products, it said.
A key indicator of the exchange's robust performance was the growth in average daily volumes (ADV) during July, which reached an average of 49,673 contracts a day, recording an increase of 15 per cent over same period last year.
The volumes in the exchange's precious metal segment saw new highs with the recent introduction of Indian Gold Quanto futures.
The Gold Quanto complemented DGCX's contract on gold, and allowed investors to gain access to the Indian gold market without being exposed to movements in the USD-INR exchange rate. Meanwhile, the recently launched Quanto products on Indian gold and Indian rupee accounted 13 per cent of DGCX's July volumes, which reflects significant traction that the new contracts have gained amongst the regional FX and Bullion trader community, said the statement.
The Indian rupee futures retained top performer status recording a substantial growth of 13 per cent from last year and continues to be the largest exchange traded derivative (ETD) product globally. DGCX's currency segment saw a strong growth, as YTD volumes in G6 currency pool grew 22 percent.
In July, S&P BSE Sensex futures - the first equity index futures that marked the bourse's entry into the equity asset class, completed two years of trading on DGCX Sensex Futures.
Structured as a quanto future, DGCX Sensex futures provides a unique opportunity for regional traders to participate in one of the largest and fastest growing emerging markets. — SG
