DGCX to offer more forex contracts next month

By Rahul Vaimal, Associate Editor
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Dubai Gold and Commodities Exchange (DGCX) will increase its portfolio by introducing additional forex contracts next month with an eye to rise stronger in the post-COVID-19 period.

Les Male, CEO of DGCX

“In July, we will be expanding our portfolio of currency products with FX Rolling contracts – perpetual rolling FX contracts for three currency pairs. We expect these to be particularly beneficial to our institutional investors by enabling them to hedge more efficiently during this period of heightened volatility.”

Despite numerous difficulties that rest ahead, Male is certain that the bourse will rise to an even greater position as it provides its affiliates with new possibilities to alleviate and control their risk.

But he didn’t reveal what those three currency pairs would be. The bourse currently exchanges in around a dozen currency futures. It saw strong trading activity in April, with members frequently attempting to shield themselves against volatility and global economic unpredictability. DGCX recorded a surge in trading of its G6 currency portfolio last month, which recorded a year-on-year volume growth of 653.45 percent.