The Dubai Gold ‘&’ Commodities Exchange today announced that 107,641 contracts were recorded in April, a 9% increase on the same period last year and valued at US $6.12 billion.
The sustained growth in currency futures led trading activity in April with 67,542 contracts recorded, a year-on-year increase of 168%, reflecting the increased interest in forex trading in the region.
April 2010 volume in Euro/Dollar futures rose by 71% to 23,656 contracts, while Sterling/Dollar futures were 229% higher at 23,285 contracts. Indian Rupee/Dollar and Yen/Dollar futures recorded increases of 170% and 2031%, with 10,285 and 10,316 contracts traded respectively. Volume for Gold and WTI crude oil futures, at 31,037 contracts and 6,570 contracts respectively, declined compared with the same period last year.
Speaking on the uptrend in trading, Eric Hasham, Chief Executive Officer, DGCX, said, “We are seeing increased interest in currency futures. In response to the increased demand and feedback from members, the Exchange has decided to widen its forex offering, which will enable participants to gain exposure to the world’s most traded currencies.” In the January-April period, the Exchange achieved an impressive volume growth of 94%, to reach a YTD volume of 602,700 contracts. Valued at US $35.7 billion, the year-to-date volume was largely driven by currency and gold futures. While YTD gold futures volume rose 51%, currencies saw considerable across-the-board growth, with Euro/Dollar and Sterling/Dollar futures up 46% and 393% respectively. The increases in Indian Rupee/Dollar and Yen/Dollar futures were 276% and 1789%. Overall, DGCX currency futures have recorded YTD volume of 429,302 contracts, an increase of 133% on last year.
The Exchange is expanding its range of currency products, launching Australian Dollar/US Dollar, Canadian Dollar/US Dollar and Swiss Franc/US Dollar on June 15, 2010. DGCX will be attending and speaking at the 6th Middle East Forex Expo in Beirut, Lebanon on May 20-21, 2010.