DGCX WTI Futures contract draws strong demand

DUBAI, 2nd September, 2021 - The Dubai Gold and Commodities Exchange (DGCX) registered a high monthly Average Open Interest (AOI) of 161,259 contracts during August. The DGCX Group saw its West Texas Intermediary (WTI) Futures Contract gain traction last month, registering year-on-year (Y-O-Y) Average Daily Volume (ADV) growth of 62% compared to the same period last year. The rise was noticeable from July 2021 and followed global trends, with oil prices recently posting its biggest weekly gain in over a year, as energy firms began shutting U.S. production. Additionally, the DGCX’S Weekly INR-US Dollar (USD) Futures Contract continued to generate interest from market participants, recording a year-to-date (Y-T-D) volume growth of 9% in August, compared to the same period last year. The Pakistani Rupee (PKR) Futures Contract again maintained its growth during the month. Once again, this growth illustrates increased demand for the product since its launch in April. Additionally, the DGCX recorded a spike in trading in its precious metal’s portfolio this month, with the Shari’ah Compliant Spot Gold Contract trading six times more compared to the same period in 2020. During August, the DGCX Group also issued a tender for members interested in applying as Market Makers on the DGCX platform, as part of its Designated Market Making scheme. The program will run for a period of 12 months - from January 03, 2022, until December 30, 2022 and will encourage market participants to further bolster trading activity and liquidity on the exchange, thus making prices more efficient for the DGCX’S member base. The closing date for receiving applications is 24th September 2021.