DGCX 2012 volumes reach all-time high of 9.6 million contracts
- United Arab Emirates: Monday, January 14 - 2013 at 12:53
- PRESS RELEASE
2012 annual trading volumes on the Dubai Gold and Commodities Exchange (DGCX) registered a substantial growth of 137% from 2011 to reach 9,601,553 contracts.
2012 also saw the Exchange setting many other records including the highest‐ever quarterly volume of 2,877,392 contracts in the fourth quarter and the highest‐ever monthly volume of 1,057,508 contracts in October. DGCX recorded an average daily volume of 37,506 contracts in 2012, an increase of 138% against 2011.
As with 2011, currencies drove the majority of 2012 growth accounting for 93% of total contracts. Currency volumes reached 8,880,403 in 2012, an increase of 149% from the previous year. Indian Rupee futures dominated currency trading on the Exchange, registering a growth of 171% from previous year to reach 8,638,993 contracts. Currently, DGCX contributes 30% of the global total exchange-traded value of Indian Rupee Futures contracts.
Volumes in the precious metal segment registered a 30% increase over 2011. Trading in DGCX's flagship contract Gold Futures touched 552,001 contracts, up 42% from last year. During the year, DGCX Gold Futures attracted significant interest from traders in Asian hubs like Singapore, which have substantial gold trading links with Dubai. In the base metal segment, DGCX Copper Futures, the first copper futures contract to be introduced in the Middle East, traded 137,887 contracts since its launch in April 20, 2012. The product is today the third most actively traded copper contract in Asia.
Meanwhile, in December 2012, DGCX traded 900,602 contracts, an increase of 117% on 2011. As with the rest of the year, the currency segment led growth, trading 854,034 contracts, up 111% from December 2011. The precious metals segment led by Gold Futures also saw a significant increase of 374% from the previous year trading 38,052 contracts.
Gary Anderson, CEO of DGCX said: "DGCX's exceptional performance in 2012 has been driven by its ability to enhance liquidity in its contracts and widen investor participation. Trading on DGCX has benefited from the rising profile of derivatives as an asset class among regional investors and the growing need to manage currency and commodity price risk in a volatile environment. Over 2013, we will look to expand our product portfolio and further enhance our contracts based on market feedback. With the development of our new trading platform in partnership with global technology provider Cinnober, we are well positioned to meet growing demand."
DGCX received many industry accolades for its growth and product innovation in 2012. Global Banking & Finance Review named DGCX the world's 'Best Global Commodities Exchange 2012'.
The Indian Rupee Futures contract was named the 'Contract of the Year 2012' award by FOW.
Articles in this section are primarily provided directly by the companies appearing or PR agencies which are solely responsible for the content. The companies concerned may use the above content on their respective web sites provided they link back to http://www.ameinfo.com
Any opinions, advice, statements, offers or other information expressed in this section of the AMEinfo.com Web site are those of the authors and do not necessarily reflect the views of AME Info FZ LLC / 4C. AME Info FZ LLC / 4C is not responsible or liable for the content, accuracy or reliability of any material, advice, opinion or statement in this section of the AMEinfo.com Web site.