Dubai Gold and Commodities Exchange (DGCX) is introducing a number of new foreign exchange (FX) contracts in a bid to attract institutional investors to its platform.
Les Male, DGCX chief executive, said that the new FX rolling contracts for three currency pairs will be launched in July.
The exchange, which currently trades in around 12 FX futures, has not yet disclosed which currency pairs will be involved, stating only that they would provide members with new opportunities to mitigate and manage their risk.
“We expect these to be particularly beneficial for our institutional investors by enabling them to hedge more efficiently during this period of heightened volatility,” he said.
Although DGCX enjoyed a particularly active April in which it saw 653% year on year growth in G6 currency trading, Male did also acknowledge that “many challenges lie ahead”. However he also added that the addition of the new futures contracts would help the exchange and its members emerge from the current coronavirus-led uncertainty in a stronger position.
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