DUBAI, May 4, 2021 (WAM) – The Dubai Gold and Commodities Exchange (DGCX) recorded a monthly average open interest (AOI) of 179,554 contracts during April.
The DGCX Indian rupee futures contract Quanto recorded a 562% YoY increase in average daily volume (ADV) for the month as market participants sought to hedge their risks amid market volatility. In addition, DGCX’s new Pakistani Rupee (PKR) futures contract that just launched mid-month, the first of its kind to be traded on a regulated exchange, totaled 180 lots totaling $ 2.35 million.
Continuing to perform well in 2021, DGCX also saw a sharp jump in its silver futures contract in April, recording 146% year-to-date volume growth compared to the same period last year.
Les Male, CEO of DGCX, said: “Last month, the DGCX Group reached a number of historic milestones that will enable us to move forward with confidence. Significantly, we have received approval from the Israel Securities Authority, which allows qualified Israeli corporations trading on their own Basis in order to become traders and benefit from our trading services and platform. In line with market demand, we also launched the world’s first PKR futures contract as well as signed a strategic MOU with Global Islamic Financial Services – for the development and provision of Islamic derivatives and commodities, market participants are moving forward. We are confident that together these initiatives will contribute to our growth and also support us in meeting the growing needs of our members. ”
In April, DGCX received clearance from the Israel Securities Authority, allowing DGCX to serve Israel market participants and qualified investors with its diversified global products and services, including futures and options contracts that cover precious metals, energy, stocks and currencies. …
DGCX has also signed a strategic Memorandum of Understanding (MoU) with Global Islamic Financial Services (GIFS) to collaborate in the future development of Islamic derivatives and commodities, and to promote the DGCX Shariah Gold Contract, which adheres to Sharia law. principles of gold ownership.