The Dubai Gold and Commodity Exchange (DGCX) is emerging as a serious contender in dollar-rupee trading to domestic bourses National Stock Exchange (NSE) & the MCX-SX.
After having managed to corner a about 20 % market share in the exchange traded rupee dollar segment this year (2013), DGCX has launched mini-Indian rupee futures that, analysts say, will further boost trading on its platform.
The average daily dollar-rupee trading volumes on DGCX for the first 3 months of 2013 are more than Rs.10,500 crore compared to about Rs.1,500 crore in 2010.The average daily currency trading volumes on NSE stood at Rs. .25,000 crore while the same on the MCX - SX was Rs. 15,000 crore between January and March 0 2013.
Dubai is absolutely out to woo traders of rupee - dollar contracts. It has emerged as a serious competition for the Indian exchanges, which is a good thing, said AMr. jay Shah,Economist, Indira Gandhi Institute of Developmental Research.
Dollar - rupee trading accounts for about 60 % of total currency turnover on DGCX, which offers trading in euro, yen,sterling versus the dollar.
DGCX has been constantly innovating its dollarrupee product and has reduced its contract size earlier & launched options. Now, it will also allow cross-margining system between the mini & regular size contracts.
DGCX was using the trading technology of Indias Financial Technologies but this year it shifted to another technology solutions provider Cinnober.
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