DGCX Sees INR Quanto and Silver Future Contracts Surge During April

During the month of April, the Dubai Gold and Commodities Exchange (DGCX) registered a monthly Average Open Interest (AOI) of 179,554 contracts.

The DGCX’s Indian Rupee Quanto Futures Contract recorded a year-on-year (Y-O-Y) Average Daily Volume (ADV) growth of 562% during the month, as market participants looked to hedge their risk amid market volatility. Additionally, the DGCX’s new Pakistani Rupee (PKR) Futures Contract – which just launched in the middle of the month, the first of its kind to be traded on a regulated exchange  – traded a combined total of 180 lots valued at USD 2.35 million.

Continuing its strong performance during 2021, the DGCX also saw a spike in its Silver Futures Contract in April, recording a year-to-date (Y-T-D) volume growth of 146%, compared to the same period last year.

Les Male, CEO of DGCX, said: “Last month saw the DGCX Group achieve a number of historic milestones that will position us strongly going forward. Significantly, we obtained a permit from the Israel Securities Authority; enabling qualified Israeli corporations who trade on proprietary basis to become trade members and benefit from our trading services and platform. Following market demand, we also launched the world’s first PKR Future Contract – as well as signed a strategic MoU with Global Islamic Financial Services - to develop and provide Islamic derivatives and commodities for market participants going forward. We are confident that together, these initiatives will strengthen our growth, as well as support us in meeting the growing needs of our member base.”

During April, DGCX received a permit from the Israel Securities Authority, enabling the DGCX to service Israel-based market participants and qualified investors with its diversified global products and services, including its Futures and Options Contracts that cover precious metals, energy, equities and currencies.

The DGCX also signed a strategic Memorandum of Understanding (MoU) with Global Islamic Financial Services (GIFS) to partner on the future development of Islamic derivatives and commodities, as well as promote the DGCX’s Shari’ah Gold Contract, which adheres to Shari’ah principles for the ownership of gold.