DGCX Euro Futures hit record daily high
- Feb 4th, volumes for Euro futures touched almost 3,000 contracts valued at USD 191.51 million
- Volume was 69% higher than the previous record and accounted for 75% of total daily volume
- Market participants hedging currency risk via DGCX futures contracts amid volatile currency markets
Dubai, February 5, 2009:Euro Futures volume recorded a daily high on Dubai Gold & Commodities Exchange (DGCX) reaching 2,963 contracts, valued at USD 191.51 million for the first time in its three-year history.
February 4th was the busiest day for Euro futures on DGCX as trades accounted for 75% of the Exchange's total daily volume, demonstrating the growing importance of currencies in its product range. The previous high for DGCX Euro futures was 1,748 contracts, valued at USD 138.18 million in July 2008.
In the past few months, currency futures have emerged as a significant segment of the Exchange's product portfolio. Nishat Bandali, Chief Marketing Officer, DGCX, highlighted that the volumes demonstrate a strong appetite to use DGCX futures in order to hedge risk in currency exposure.
"Our range of currency futures contracts continue to attract increased interest reflecting the need among market participants to build a diversified asset portfolio. At the same time, the exchange has supported this increased interest with strategic initiatives to encourage liquidity," he added.
Bandali said "Going forward, we expect currencies to account for a significant share of total volumes, alongside the precious metal and energy sectors." Within the currencies segment, DGCX offers futures contracts on the Euro/Dollar, Sterling/Dollar, Indian Rupee/Dollar and Japanese Yen/Dollar. Volume in Euro futures has grown consistently over the past year contributing 25% of the Exchange's total volume in January 2009.
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About DGCX: Dubai Gold and Commodities Exchange (DGCX) is a fully automated, online commodities exchange. Strategically located in Dubai, the exchange is the first international commodity derivatives marketplace in the time zone between Europe and the Far East. DGCX
is an initiative of the Dubai Multi Commodities Centre (DMCC), Financial Technologies (India) Limited and Multi Commodity Exchange of India Limited (MCX).
Further Information:
Claire Miller
Head of Marketing
Tel: +971 (0)4 361 1625
Email:
claire.miller@dgcx.ae
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