Posted by Neil King
Dubai Gold and Commodities Exchange (DGCX) saw its trading volumes rise 133 per cent in the first quarter of 2010, it has been reported.
A total of 495,059 futures contracts were traded during the period at a value of US $29.6 million.
Rising volumes between January and March were the result of strong demand for currencies, gold and crude oil futures, DGCX said.
The exchange recorded 162,034 contracts in March, valued at US $9.7 billion, which amounted to a 60 per cent increase on March 2009. In addition, average daily volume in March stood at 4,601 contracts, up 53 per cent on the same period last year.
Eric Hasham, chief executive officer of DGCX, said: "The increased demand for DGCX futures is evident from the growth trend in the first quarter of 2010. It endorses the success of our strategy of offering a diversified product mix and liquid markets through tighter prices."
DGCX is the region's first derivatives exchange and the only one allowing participants to clear and settle transactions within the region.