DUBAI, Sept. 8 (Xinhua) -- The Dubai Gold and Commodities Exchange (DGCX) said here on Sunday that the number of contracts changed hands so far this year represents an 80 percent year-on- year jump.
The DGCX described it as a milestone, which was reached on Aug. 23, when 10.37 million contracts had changed hands in a span of 164 trading days this year.
In an email statement, DGCX CEO Gary Anderson said surpassing the 10 million contract mark "reinforced DGCX's profile as one of the fastest growing exchanges in the world."
The DGCX started operation in November 2005.
The DGCX said that trading climbed 23 percent in August from last year to total 1,159,293 contracts, representing a value of 34. 08 billion U. S. dollars.
"Currencies, which were the mainstay of growth, rose 28 percent year-on-year to reach 1,124,507 contracts," said the statement.
Silver was the stand-out performer in the precious metals segment with a year-on-year growth of 31 percent.
Among the listed contracts on currencies, Indian Rupee futures posted an uptick of 16 percent from last year to aggregate 1,011, 360 contracts in August. Year-to-date (YTD) volumes in the product surged 72 percent. The Indian currency lost over 13 percent in value this year amid increasing doubts among foreign exchange traders whether New Dehli can steer its economy back to a sustainable growth path.
Double-digit inflation rates amid a decline in gross domestic growth from double-digit rates to five percent last year have crippled the sub-continent economically. India is the United Arab Emirates' top trading partner and over 1.5 million Indians out of 8.5 million residents in the Gulf state are Indian nationals.
The DGCX, the only derivatives exchange by international standards in the time-zone between London and the Far East, has futures and options listed which are based on commodities, precious metals and currencies.
Derivatives like futures, options or swaps are used by banks, traders and retail clients in order to hedge their financial positions against price fluctuations in the future. Derivatives are also used for speculative trading.