The Dubai Gold & Commodities Exchange in addition to launching new spot Gold capabilities (Now up to 40 per cent of the gold traded in the world comes through Dubai) is set to diversify it’s offering of emerging market currency contracts in an attempt to get a leg up on competition from other exchanges as the DGCX makes a push to become truly global.
Currently, the exchange trades six contracts (Indian Rupee, Eurodollar, Sterling, Aussie Dollar, Canadian Dollar, Swissy and Yen). As part of expanding its currencies product portfolio, the exchange is working on the launch of a number of emerging market currency contracts that includes currencies such as the South African rand, the Russian ruble the Korean won and the Chinese renminbi. At the moment the exchange is working on regulatory approval to launch these new contracts before the year end.
CEO of DGCX: Gary Anderson
Gary Anderson, CEO of DGCX, states: “Local and regional businesses use these [FX derivatives] very actively as risk mitigation tools. Indian Rupee Futures contract is one of our most active contracts and has seen huge growth since its launch and has emerged as a major international benchmark with significant international participation in the contract.”
Source: Gulf News