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Silver futures glitter at DGCX

Silver futures glitter at DGCX. The Dubai Gold and Commodities Exchange (DGCX) reported a sharp spike in business in its silver contracts registering growth in year-to-date (YTD) volume of 348.5 per cent by the end of February as compared to the same period last year.

In February, traders evinced a strong interest in silver futures which followed a similar trend in other exchanges as well as market volatility which saw the bullion price hitting the highest in eight years.

The exchange recorded the third-highest average open interest (AOI) in its Euro (EUR) FX Rolling Futures Contracts since its launch, with 1623 contracts as members looked to further manage their risk.

Additionally, the DGCX registered a remarkable increase in its Indian Rupee (INR) Future Contracts trading at the end of the month, due to market volatility which saw the Indian Rupee have the biggest drop in 11 months, leading the DGCX to record a monthly Open Interest (OI) of 168,000 lots and total volume of 121,570 contracts on February 2021.

Encouraged by the overwhelming response in currency futures, the DGCX announced that it will soon launch a Pakistani Rupee Futures (PKR) Contract, the first of its kind on any regulated exchange in the world.

“The DGCX is pleased to announce the preparation for launching PKR Futures Contract, in an effort to meet the ever-changing needs of our members. The launch follows extensive market research and feedback from our member base – and is the first of its kind solution on any regulated exchange,” said Les Male, Chief Executive Officer, DGCX.

The contract, which is set to go live soon will enable market participants in the region to expand their trading opportunities in the Pakistani market. Pakistani nationals represent one of the largest expatriate populations in the United Arab Emirates, and this contract will provide market participants with greater opportunities and flexibility to hedge risks, as well as enhance their exposure to the Pakistani market.

“We are confident that this launch will play a significant role in strengthening DGCX Group’s growth strategy, and we remain committed to introducing even more innovative products and solutions that meet our customers’ demands,” said Male.

The contract size is 2,000,000 of base currency (PKR) and will be traded and cash-settled in US dollars (USD) based on the publicly available reference price displayed on the last trading day.

Meanwhile, the DGCX Group announced its plans for its technology migration to Nasdaq. The migration will deliver a wide-range of enhanced technology solutions for all market participants – enabling members, partners, and their clients to manage their risk even more effectively.

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Mines to Market
Prashant Rathod

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