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Foreign Exchange

FX news: Dubai exchange launches new currency contracts

The Dubai Gold and Commodities Exchange (DGCX) announced on Wednesday that it will launch contracts in USD/CHF, AUD/USD and USD/CAD on June 15. The contracts will be priced in USD and be denominated in amounts of 50,000 of the non-USD currency.

The DGCX already provides contracts in EUR/USD, GBP/USD, USD/JPY and USD/INR. Volumes are up 128% year-to-date, but are still small by global standards: currency futures volume for the whole of Q1 2010 was $24.4 billion. The exchange hopes that by being “the only futures exchange outside of the US and Europe to offer the six most liquid currency futures pair” it will get some momentum.

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