DUBAI - Euro Futures Volume recorded a daily high on Dubai Gold and Commodities Exchange (DGCX) reaching 2,963 contracts, valued at $191.51 million - the first time in its three-year history. February 4 was the busiest day for Euro Futures at the DGCX as trades accounted for 75 per cent of the Exchange's total daily volume, demonstrating the growing importance of currencies in its product range.
The previous high for DGCX Euro Futures was 1,748 contracts, valued at $138.18 million in July 2008.
In the past few months, currency futures have emerged as a significant segment of the Exchange's product portfolio.
Nishat Bandali, Chief Marketing Officer of DGCX, highlighted that the volumes demonstrate a strong appetite to use DGCX futures in order to hedge Risk in currency exposure.
'Our Range of currency futures contracts continue to attract increased Interest reflecting the need among market participants to build a diversified Asset portfolio,' he said.
'At the same time, the exchange has supported this increased Interest with strategic initiatives to encourage liquidity,' Bandali added.
Bandali said, 'Going forward, we expect currencies to account for a significant share of total volumes, alongside the precious metal and energy sectors.'
Within the currencies segment, the DGCX offers futures contracts on the euro/dollar, sterling/dollar, indian rupee/dollar and japanese yen/dollar.
Volume in Euro Futures has grown consistently over the past year.
This had contributed 25 per cent of the Exchange's total Volume in January 2009.
� abdulbasit@khaleejtimes.com
