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

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 percent, 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 US$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 Memorandums of Understanding (MoUs) to suit this purpose.”

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

Additionally, the Dubai Commodities Clearing Corporation (DCCC), a leading Central Counter Party and wholly owned subsidiary of the DGCX, was recently authorised as a ‘Recognised Clearing House’ by the Monetary Authority of Singapore, 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 in April.

Source: Emirates News Agency