DGCX launches currency futures trading

Trading in currency futures commences tomorrow, Monday 12th June 2006 on Dubai Gold and Commodities Exchange (DGCX).

This is the third product to be launched on the DGCX after Gold, (November 2005 at launch) and Silver (March 2006).

From today, DGCX brokers will be able to trade Euro/US Dollar, Yen/US Dollar and Sterling /US Dollar contracts with other contracts coming on line over time. Each of these currencies will have four forward months contracts maturing in March, June, September and December. The contract size for Euro/USD and Sterling/USD will be 50,000 while the contract size for Yen/USD will be 5,000,000.

DGCX continues to develop apace with the existing contracts achieving phenomenal growth. In the most recent market update, DGCX confirmed that Gold futures volumes grew by 54% from April to May, reaching a staggering 62,139 Kilos. These figures include a highest ever daily traded volume of 6062 contracts on 15th May.

With commodity markets in the middle of a major bull run, the introduction of a diverse range of commodities on DGCX, offers an ideal platform for market participants to trade all the products on a single exchange platform. The Exchange plans to introduce futures contracts on steel and marine fuel oil in the fourth quarter of 2006.

Read more here.