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Currency futures drive 9pc growth in DGCX April volume

The sustained growth in currency futures led trading activity in April with 67,542 contracts recorded, a year-on-year increase of 168 per cent, reflecting the increased interest in forex trading in the region.

April 2010 volume in euro-dollar futures rose by 71 per cent to 23,656 contracts, while sterling-dollar futures were 229 per cent higher at 23,285 contracts. Indian rupee-dollar and yen-dollar futures recorded increases of 170 per cent and 2,031 per cent, with 10,285 and 10,316 contracts traded respectively.

Volume for Gold and WTI crude oil futures, at 31,037 contracts and 6,570 contracts respectively, declined compared with the same period last year.

“We are seeing increased interest in currency futures. In response to the increased demand and feedback from members, the exchange has decided to widen its forex offering, which will enable participants to gain exposure to the world’s most traded currencies,” Eric Hasham, Chief Executive Officer, DGCX, said.

Impressive volume growth

The exchange, which was established in 2005, achieved an impressive volume growth of 94 per cent during the January-April period and achieved a year-to-date volume of 602,700 contracts. Valued at $35.7 billion, the year-to-date volume was largely driven by currency and gold futures.

While year-to-date gold futures volume rose 51 per cent, currencies saw considerable across-the-board growth, with euro-dollar and sterling-dollar futures up 46 per cent and 393 per cent, respectively. The increases in Indian rupee-dollar and yen-dollar futures were 276 per cent and 1,789 per cent. Overall, DGCX currency futures have recorded year-to-date volume of 429,302 contracts, an increase of 133 per cent on last year.

New product launching
The exchange is expanding its range of currency products, launching Australian dollar-US dollar, Canadian dollar-US dollar and Swiss franc-US dollar on June 15, 2010.

DGCX will be attending and speaking at the 6^th Middle East Forex Expo in Beirut, Lebanon on May 20-21, 2010. 
— muzaffarrizvi@khaleejtimes.com