DGCX Maintains Momentum as PKR Futures Continue to Grow in Trading

During the month of June, the Dubai Gold and Commodities Exchange (DGCX) registered a monthly Average Open Interest (AOI) of 226,406 contracts.

Consolidating its status as the leading derivatives exchange in the region, the DGCX Group’s Silver Futures Contract once again performed strongly during June, recording a year-to-date (Y-T-D) volume growth of 115%, compared to the same period last year. The DGCX Group’s newly launched Pakistani Rupee (PKR) Futures Contract also continued its growth momentum during the month, registering a combined total of 854 lots valued at USD 10.95 million.

Les Male, CEO of DGCX, said: “The month of June saw continued interest in the DGCX Group’s PKR Futures Contract, as market participants looked to either hedge their exposure, or expand their trading opportunities into the Pakistani market. Our Silver Futures Contract also continued to record a rise in trading and has continued to grow in popularity throughout the year. Looking ahead, the DGCX remains focused on providing our members with a wide range of innovative products to manage their risk effectively – and we are pleased to have recently signed a number of strategic MoUs to suit this purpose.”

MoU with Sudan

During the month, DGCX signed a MoU with the Financial Markets Regulatory Authority (FMA) in Sudan, aimed at strengthening bilateral cooperation in the trading of gold between the UAE and Sudan. The agreed MoU will see the DGCX and FMA collaborate on areas of mutual benefit, foster collaboration, and exchange knowledge around gold trading.

DCCC to offer services to Singapore

Additionally, the Dubai Commodities Clearing Corporation (DCCC), a leading Central Counter Party (CCP) and wholly owned subsidiary of the DGCX, was recently authorized as a ‘Recognized Clearing House’ (RCH) by the Monetary Authority of Singapore (MAS), the country’s Central Bank and financial regulatory authority. As a result, the DCCC will offer clearing services to banks and financial institutions located in Singapore, as the DGCX looks to expand its services and products further across the Asian region.

Elsewhere, the DGCX also continues to work on the future development of Islamic derivatives and commodities, as well as enhancing access to its Shari’ah Gold Contract following its strategic MoU signing with Global Islamic Financial Services (GIFS) in April.