October 17, 2021

Dubai Week

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Currency futures trading on the Dubai Gold Exchange

The Dubai Gold and Commodity Exchange (DGCX) re-recorded a monthly open interest rate of 154,629 contracts in September.

Open interest is an indication of the total futures contracts held by market participants at the end of the trading day. Significant growth in open interest rates over the past few months reflects the increased appetite of market participants, a report said.

The Dubai Gold and Commodity Exchange (DGCX) Group saw renewed interest in the hydrocarbon asset class in September, keeping pace with the prevailing market trends for hydrocarbon assets in August, with the WTI agreement recording an average daily trade volume growth of 37% over the same period last year.

The currency portfolio of DGCX also recorded a strong increase in trading activity over the past month, reflecting the increased interest of investors in currencies as an alternative asset. A total of 1,434 deals worth $ 80 million were traded on the portfolio of DGCX’s six major currencies. Moreover, the recently launched Pakistan Rupee Futures Agreement continued to record demand growth, with revenues of US $ 108 million.

On the other hand, the precious metals portfolio market of the transaction continued to attract the interest of the participants as the Sharia compatible spot gold deal recorded an excellent performance, with a total of 20 contracts valued at $ 1.4 million.

September trade volumes include $ 1.07 billion consolidated trades. Through accumulated trading, DGCX members and market participants can negotiate an agreement with a third party in advance, which allows them to make a large value transaction at a reasonable price.

Strategic partnership

In September, the Dubai Gold and Commodity Exchange continued to expand its presence and offerings in the African region, which is the main market for the exchange. In a related context, the Dubai Gold and Commodity Exchange Group has signed a Memorandum of Understanding with the Victoria Falls Exchange (VFEX), a subsidiary of the Zimbabwe Stock Exchange. An international goods exchange in Zimbabwe.

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The agreement reflects the second memorandum of understanding signed by Dubai Gold and Commodities Exchange in the African market in recent months, as an agreement was signed last June with the Financial Market Regulatory Commission in Sudan to enhance bilateral cooperation between the United Arab Emirates. And Sudan in the gold goods trade sector.

Les Mel, CEO of DGCX, said: “We continue to focus on promoting growth by strengthening our offerings to market participants and by developing, enhancing and expanding our services. Therefore, we are pleased to sign a Memorandum of Understanding with the Victoria Falls Stock Exchange last September, which is part of our strategic expansion in the African region as it is the fastest growing market with the greatest potential. As a globally regulated stock market, we take pride in extending our expertise to other markets, continuing our search to expand our services, and providing effective ways for market participants to avoid risk.