The Dubai Gold and Commodities Exchange (DGCX) confirmed the launch date of its three FX Rolling Futures contracts – Euro (EUR), Pound Sterling (GBP) and Australian Dollar (AUD) against the US Dollar (USD).
The contracts will go live on Monday 6 July, 2020, and will expand its suite of currency products that include G6 and Indian Rupee contracts, with the latter being the world’s largest pool of offshore exchange-traded Indian Rupee liquidity, says a press release from the Exchange.
Les Male, CEO of DGCX, said: “We are excited to expand our currency portfolio with the imminent launch of these innovative FX Rolling Futures contracts. These currencies are the most liquid and heavily traded on international markets and are being listed on the DGCX at precisely the right time–amidst ongoing currency volatility–in response to what our market participants have asked for. Not only do the contracts offer investors greater access to international currency markets with clear, understandable regulations, but the perpetual open nature of them will also provide them with unique opportunities to more efficiently hedge their risk exposure.”
The new FX Rolling Futures contracts will be priced in USD and denominated in amounts of 10,000 of the non-USD currency. Block trading will be permissible in the contracts.
“The contracts are suitable for all traders, but will offer especially great value to institutional investors, providing protection against swings in foreign exchange rates, particularly during this period of heightened volatility. In the coming months, we plan on expanding our value proposition further with the launch of more FX Rolling Futures contracts to cater to the needs of our members,” Male added.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished
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