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DGCX plans to introduce currency futures
Our Bureau
Mumbai
,
March 27
The Dubai Gold and Commodities Exchange (DGCX) on Monday announced that the Emirates Securities and Commodities Authority (ESCA) has approved its application for launching currency futures trading.
Initially DGCX will trade futures contracts in three currencies - euro-dollar, yen-dollar and sterling-dollar - with contracts maturing in March, June, September, and December each year.
These will be deliverable contracts. This will establish DGCX as the first exchange for trading currencies in West Asia, according to a DGCX release.
Mr Ahmed bin Sulayem, Director of DGCX, said: "The introduction of DGCX currency futures contracts will usher in a new era of financial futures trading in the region, bringing more maturity and agility to these markets."
DGCX has also said that it expects to start trading currency futures in 2-3 months.
The exchange will shortly announce the detailed contracts specifications and procedures for the existing or new members to participate in these markets.
National Bank of Dubai and HSBC have agreed to act as delivery banks for the purpose of settlement of DGCX currencies futures contracts.
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