DGCX reports 3x volume growth in July in G6 currencies
The Dubai Gold and Commodities Exchange (DGCX) has announced that it has maintained its momentum into the second half of the year, as it continues to provide investors with a wide range of derivative products that allow them to manage their risk effectively.
In July, DGCX’s G6 currencies portfolio recorded year-on-year (Y-O-Y) volume growth of 357%. In addition, DGCX successfully launched the region’s first FX Rolling Futures Contracts (Euro, Pound Sterling and Australian Dollar), continuing the trend of innovative product development, whilst at the same time expanding the range of Indian Rupee/US Dollar contracts with the launch of a Weekly INR-US Dollar Futures Contract.
Yen, British Pound, and Euro Futures Contracts were the standout performers, registering Y-O-Y Average Daily Volume (ADV) growth of 767%, 267% and 263% respectively. The recently launched contracts gained traction in the market as investors sought to take the advantage of the trading opportunities that they offered.
Les Male, CEO of DGCX, said:
“The consistent growth of our trading volumes and product offering reflects our ongoing success and expanding member community. We pride ourselves on being a member-led exchange, introducing innovative contracts that meet the growing needs of our investors, particularly during periods of uncertainty like we are seeing today. Before the end of the year, we plan on launching more unique products as the market evolves, providing further opportunities for investors and businesses to protect their positions against price fluctuations in today’s difficult climate.”
DGCX also in July announced that it partnered with American University of Sharjah (AUS) to foster the next generation of professionals across the finance sector. Through the collaboration, the DGCX will offer AUS undergraduate students the opportunity to participate in an internship program, with the core objectives of developing their skill sets, and educating them about how the DGCX operates and the important role it plays in the financial services sector in the region.