DGCX trading volume achieves 40% growth

Dubai: The Dubai Gold and Commodity Exchange (DGCX) yesterday announced 40 per cent growth in year-to-date volume, reaching 1,070,914 contracts valued at $54.1 billion (Dh198.5 billion).

The growth to date in 2008 is underlined by the exchange's strategic mix of products, said Malcolm Wall Morris, chief executive.

"During the year, the exchange not only initiated steps to expand its portfolio, but also reviewed existing contracts in response to customer feedback."

Wall Morris added that the uncertain global financial markets have demonstrated the role of an exchange and clearing house in bringing transparency to derivatives markets and reducing credit risk. Volumes for gold options had the highest year to date growth, up 108 per cent to 2,873 contracts. Gold and silver futures reflected a rise of 27 per cent and 14 per cent respectively. In currencies, the euro accounted for major growth, climbing 237 per cent.