Dubai: The Dubai Gold and Commodities Exchange (DGCX) plans to start currency futures in Chinese yuan and Turkey’s Lira in the second half of the year, a spokesperson told Gulf News on Sunday.
Ian Wright, chief business officer of the exchange, had hinted at new currency products at a conference.
“We are looking at China. Regionally, we are looking at Turkey,” Wright said.
The exchange also plans to launch soybean oil, black pepper and pulses later this year. On December 11, the exchange told Gulf News it plans to start a spot gold contract in January, aimed to set it as a benchmark Loco Dubai price for all stakeholders in China, India, and Africa etc.
“It (spot gold contract) will fit into the gold space in Dubai and provide new dynamic in the market,” said Wright.
Currently, the exchange records a daily turnover of $1.4-1.5 billion per day in USD-INR contracts. DGCX’s biggest segment are currencies, equities, precious metals, and hydro carbons. The exchange trades in these commodities and currencies through 250 members and 84 clearing members.
The Government of Dubai owns more than 67 per cent stake in DGCX, which will complete a decade in the business in November 2015.
