Dubai - Mubasher: The Dubai Gold and Commodities Exchange (DGCX) began October on a volatile note amid geopolitical tensions in Europe, the US, and Asia.
These tensions prompted investors and traders to resort to derivative instruments to lessen the impact of this volatility, the DGCX said in a statement.
Seeking to shelter themselves from the market instability, traders relied heavily on the DGCX’s G6 currencies as well as the Indian Single Stock Futures (SSF).
DGCX’s G6 currency portfolio soared 225% year-on-year, while “the Euro and British pound futures recorded their highest monthly Average Open Interest (AOI) of 2,077 and 1,275 contracts respectively,” the Dubai-based exchange stated.
Trading volumes in the euro surged 112%, while the British pound jumped 36% in the first nine months of 2017 versus the comparable period of 2016.
Meanwhile, trading volumes in the Japanese yen increased by 205% YoY, the DGCX added in a statement.
“We are pleased to see our G6 currency portfolio achieve stronger trading volumes this month, as this demonstrates that DGCX currency derivatives products are increasingly used by traders for hedging and risk management purposes,” said Gaurang Desai, DGCX CEO.
“We will continue to push forward with our efforts to provide our market participants with a diverse array of products and tools,” the top official added.
So far in 2017, DGCX Indian SSF have traded an aggregate 877,218 contracts, with a 1000% increase versus the year-ago.
