The Dubai Gold and Commodities Exchange (DGCX) will open one-and-a-half hours earlier at 7.00 am local time (8.30 am Indian time) which is expected to help participants trading in Indian rupee futures.
Beginning June 4, the exchange will open from 07:00 (UAE time), 1 hour and 30 minutes earlier than its previous opening time, the exchange said in a release.
"The 30 minute window between DGCX opening and the Exchange traded currency derivatives market opening in India will allow participants on the DGCX an opportunity to take positions based on overnight indicators, putting them ahead of the momentum curve," the exchange said.
The extended opening hours are predicted to be of greatest interest to participants trading in Indian rupee (INR) Futures and will enhance DGCX’s leading proposition on this contract, it added.
In 2007, DGCX introduced the world’s first INR Futures contract. Over the last two years the growth of the contract has been exceptional, recording an annual volume of 3,184,979 contracts in 2011, a 563% growth from 2010, it said.
Commenting on the initiative, Gary Anderson, Chief Executive Officer, DGCX, said, "The launch of a new product or contract enhancement on DGCX is based on both market conditions and feedback from DGCX Members and market participants. The extension of our trading hours is the result of this interaction and feedback process."
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