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DGCX Posts Record Volume Growth in March

DUBAI - The Dubai Gold and Commodities Exchange, or DGCX, said that volume in March 2009 was the highest ever achieved, confirming strong interest for its products.

Total volume on grew 39 per cent in the previous month, reaching 101,215 contracts. The growth was driven by increases in currency futures, especially in euro-dollar and sterling-dollar, which grew by 37 per cent and 136 per cent, respectively.

The Indian rupee-dollar, gold and WTI futures also recorded higher activity during March compared to the previous month.

The first quarter of 2009 was a positive start to the year for DGCX, following lower volumes in the last quarter of 2008. Month-on-month volumes have been increasing steadily.

Total first quarter volume for the exchange was 212,485, 70 per cent up on the previous quarter, but down by 33 per cent on the same period last year.

“Much of the volume increase has been led by the growing interest and demand for currency futures. Volatility in currencies has encouraged market participants to hedge their exchange-rate risk on DGCX in order to better manage their exposure.” said Malcolm Wall Morris, Chief Executive Officer of DGCX.

“Despite weakness in global market conditions, the month-on-month volume growth and strong first quarter performance shows that DGCX is moving in the right direction so far this year and demonstrates the appeal of our value proposition and product portfolio”, added Morris.

· business@khaleejtimes.com