Special Features
New Currency Pairs To Bring Higher Volumes
Dubai Gold and Commodities Exchange (DGCX) is upbeat on churning out high volumes by attracting global players, making Dubai as unavoidable destination for currency and commodity trading.Relying on its main strengths, low-cost and higher safety in regulated environment, DGCX is launching three new currency pairs – Canadian dollar, Australian dollar and Swiss franc – in addition to the present euro, pound, yen and Indian rupee against the US dollar, on June 15.
Eric Hasham, Chief Executive Officer of DGCX, is confident of attracting foreign institutional players in a large number as the exchange offers counter-party risk protection and market makers for better liquidity.
DGCX, a fully automated commodities exchange, is an initiative of the Dubai Multi Commodities Centre (DMCC), Financial Technologies (India) Limited and Multi Commodity Exchange of India Limited (MCX).
DGCX is launching new currency pairs – Australian dollar, Canadian dollar and Swiss franc – against the US dollar, in addition to the present euro, pound, yen and Indian rupee. What’s your projection after the launch?
In addition to the existing four currency pairs, we are introducing three new currency pairs on June 15. The currency and commodity products have been designed to help investors manage risk in the highly volatile market conditions. Additionally, the products support investment strategy too.
Owing to the demand in the region, we have decided to launch new currency pairs. There’s good interest from commercial point of view for Australian dollar, Canadian dollar and Swiss franc. We see good industrial demand in addition to the increasing investment trading from investors.
Transactions in currencies of commodity-producing countries such as the Australian dollar and Canadian dollar have increased, because of the increasing volatility in the underlying commodities. The Swiss franc is seen as a traditional safe haven and investment opportunity during times of economic uncertainty.
The global crisis and its resultant impact on world economies have sparked sharp fluctuations in currency rates. DGCX’s new and existing currency futures contracts enable participants to hedge exchange rate risk in a secure and well regulated environment.
The Swiss franc, Canadian dollar and Australian dollar enjoy healthy demand globally. DGCX’s low transaction costs and extended trading hours, which bridge major time zones, is set to expand opportunities for market participants.
Website: http://www.business24-7.ae/opinion/q-a/new-currency-pairs-to-bring-higher-volumes-2010-06-13-1.25467
