DGCX achieves record growth for trade contracts

Dubai Gold and Commodities Exchange (DGCX) said, it has registered 110 per cent growth in volumes of contracts last year to 4,044,138 from 2010, the highest ever annual volume achieved by the Exchange since inception. The annual volumes represent a value of $185.13 billion (Dh679.9 billion). In 2011, the Exchange reached a major milestone of 10 million contracts since inception on December 19. Since its launch in 2005, the Exchange has traded 10,142,979 contracts, valued at $476 billion. As with 2010, currencies drove the majority of volume growth on the Exchange accounting for 88 per cent of contracts last year. Currency volumes in 2011 stood at 3,567,609, an increase of 177 per cent over 2010. Indian rupee futures retained its exceptional growth momentum over the past two years ending 2011 with 3,184,979 contracts, a 563 per cent growth from 2010. Precious metals accounted for the remaining 11 per cent of the exchange\'s volumes, registering 443,889 contracts. Silver futures emerged as the strongest performer of 2011 in the precious metals segment, rising 40 per cent from 2010 to 44,870 contracts in 2011. Meanwhile, in December DGCX traded 414,729 contracts worth $16.104 billion, an increase of 152 per cent over 2010. As with the rest of the year, the currency segment led the volume growth, trading 405,338 contracts, up by 239 per cent from December 2010. Stephen Gaterell, Chief Executive Officer, DGCX, said, \"The Exchange\'s performance in a year which saw increasing economic uncertainty is a testament to its ability to offer a unique platform to manage and mitigate currency and commodity price risk. As we embark on 2012, we aim to further develop our technology infrastructure as part of offering an even better trading environment for our members.\" DGCX recorded an average daily volume of 15,736 contracts in 2011, an increase of 107 per cent against 2010.