DGCX November volume up 121%

November volumes on the Dubai Gold and Commodities Exchange (DGCX) grew 121 per cent year-on-year to reach 423,945 contracts, valued at $17.15 billion. Year-to-date volume in 2011 also increased 106 per cent on 2010 levels to reach 3,629,409 contracts valued at $169 billion.

Average daily volume (ADV) in the month of November reached 19,270 contracts, a 101 per cent increase from the same month last year.

DGCX currency futures were the main driver of the growth in trading volumes in November accounting for almost 90 per cent of total volumes. Currency futures volumes increased 200 per cent on last year to touch 396,740 contracts in November 2011. Indian Rupee futures volumes in November reached 379,811 contracts, a substantial increase of 310 per cent from last year’s November volumes. The new Indian Rupee options contract registered substantial growth in November rising 1048 per cent from October to reach 2,055 contracts.

Stephen Gaterell, Chief Executive Officer, DGCX, said: “Over 2011, DGCX has seen a steady growth in trading activity and the rise in November volumes reflects a continuation of this growth momentum. These figures suggest a strong annual performance for DGCX in 2011. In an economic environment marked by strong volatility, DGCX has distinguished itself by its ability to offer the best tools in the region to manage currency and commodity price risk. We look forward to further expanding trading opportunities in commodity and currency derivatives in the region.”

Euro/Dollar increased 51 per cent from October to aggregate 9,919 contracts in November while Sterling/Dollar grew 5 per cent from last month to touch 2,055 contracts. Swiss Franc futures grew substantially by 337 per cent from last month to reach 1,526 contracts while Australian Dollar and Canadian dollar declined 1 per cent and 12 per cent to reach 867 and 263 contracts respectively.

Among precious metals, DGCX Gold futures registered strong growth in November rising 191.9 per cent from the previous month to reach 22,194 contracts. Silver futures also increased 63 per cent from last month to reach 3,341 contracts.

Meanwhile, three DGCX Members received licences from the Securities and Commodities Authority (SCA), in November, to conduct trading for clients. Members that received SCA licences included Alpari ME DMCC, Luxuris Commodities DMCC and Sharewealth Commercial Brokers.

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