DGCX currency deals hit record high

Dubai Gold and Commodities Exchange (DGCX) recorded the highest daily volume ever on August 7 for all currency futures at 7,655 contracts, valued at $583.86 million (Dh2.14 billion).

Currencies accounted for a significant part of total volume. The pound/dollar futures witnessed the highest volume this year as market participants looked to hedge themselves against volatility in the contract. Pound/dollar futures recorded 3,498 contracts, valued at $292.73m on August 7. Volume for euro/dollar touched 3,932 contracts, valued at $281.24m, while the Indian rupee reached 176 contracts, valued at $7.35m.

"DGCX is the only exchange in the region to offer currency futures contracts. Furthermore, ongoing volatility in financial markets, tighter spreads and improved volumes are encouraging more participants to trade our currency futures," said Malcolm Wall Morris, Chief Executive Officer, DGCX. "The latest record for currency volumes reaffirms that this segment is a viable alternative asset class for local and international participants. Traders are also seeing the benefit of transacting business on an exchange such as DGCX to reduce their counterparty credit risk," he said.