DUBAI: Dubai Gold and Commodities Exchange (DGCX) has recorded the highest Open Interest (OI) ever in its 10-year history, driven by strong performance of its emerging market contracts.
First half volumes on the exchange jumped 11 per cent from last year to reach over six million contracts. The exchange ended H12015 with trading volumes of more than 6.4 million contracts, valued at over USD 185 billion.
According to the exchange, DGCX’s Indian Rupee futures emerged as the key performer registering H1 volumes growth of 15 per cent over 2014. "Brisk trading in the contract led to the exchange dominating the global Indian Rupee futures market in the month of June with a market share of 30.69 per cent.
June proved to be an exceptional month for the contract this year witnessing volumes of 904,044 contracts, an increase of 38 per cent from last year," DGCX said in a statement. The Exchange’s other Indian Rupee futures products also witnessed high growth.
Year-to-date 2015 trading volumes on the Mini Indian Rupee futures saw a growth of 10 per cent in June while Mini Indian Rupee contracts denominated in Euro (INR/EUR) and Pound Sterling (INR/GBP) grew 54 per cent and 37 per cent, respectively. The overall currency segment represents the lion’s share of growth on the exchange in H1-2015, growing by 41 per cent.
Exchange's new products -- India Gold Quanto futures, Indian Rupee Quanto futures and Mini Dubai Polypropylene futures -- registered robust volumes of 85,684, 4,218 and 564 contracts, respectively in June. The Indian Rupee Quanto contract recorded the exchange's highest ever launch day volume of 13,291 contracts on June 5.
DGCX recorded its highest ever Open Interest of 94,056 contracts on June 26, which is a key indicator of strong market confidence in DGCX. The exchange also recorded its third highest average daily OI of 54,764 contracts in June. In particular, DGCX BSE Sensex contract recorded its highest ever average OI of 1,388 contracts on June 25.
"The first half of 2015 has been a period of exceptional growth and achievement for DGCX. Apart from a strong increase in volumes, the first six months also saw the successful launch of innovative new products, growth in our member community and a series of partnerships that widened our reach in key overseas markets," Gaurang Desai, Interim CEO of DGCX said.