DGCX to start currency trading from June 12 ~ forex trading home based business
The Dubai Gold and Commodities Exchange (DGCX) will start currency futures trading in three currency contracts from June 12, said Framroze Pochara, Chief Executive Officer of DGCX yesterday.
With the launch of currency futures, DGCX has entered select league of global derivative exchanges that offer currency derivatives. DGCX already has gold and silver futures and expects to add fuel oil and steel futures in the near future.
Speaking to Khaleej Times yesterday, Pochara said there is a huge spot market for leading international currencies in the UAE. While the futures market will serve as an ideal hedging platform for banks, money exchange houses and trading houses it will also offer investment opportunities for currency investors.
Initially DGCX will trade futures contracts in 3 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 the Middle East.
The global spot market for currencies exceeds $2 trillion daily turnover while the derivative transactions are several fold larger than the spot market. DGCX expects participation from all leading local, regional and international banks in the currency futures trading. “Currently we have more than 100 broker members on DGCX and all of them are eligible to participate in currency trading from day one. The initial response has been very encouraging and we expect good response from all market participants,” said Arshad Khan, Director of DGCX.
DGCX will follow T+1 trading system in currency trading with National Bank of Dubai and HSBC acting as delivery banks for settlement of DGCX currencies futures contracts.
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