DGCX’s PKR Futures Contract opened

The Dubai Gold & Commodities Exchange (DGCX), on Monday announced the launch of its Pakistani Rupee (PKR) Futures Contract and is now available for trading.

As the first-of-its-kind on any regulated exchange in the world, the contract will provide members and their clients with the ability to hedge exposure to the Pakistani Rupee. It will also provide trading opportunities against the wide range of existing foreign exchange currency products that DGCX makes available for trading.

Les Male, CEO of DGCX, said: “We are pleased to finally launch the highly anticipated PKR Futures Contract, which complements our suite of existing products, and enables DGCX market participants to tap further into the Asian markets. As we move into the second quarter of 2021, we continue to see interest in more currency products - and are exploring opportunities to launch similar initiatives soon.”

The contract size is 2,000,000 of base currently (PKR) and will be traded and cash settled in US Dollars (USD) based on publicly available reference prices displayed on the last trading day. Trading hours will be from 07:00 to 23:55, Gulf Standard Time.

The Dubai Gold & Commodities Exchange is the region’s leading derivatives exchange and has played a pioneering role in developing the regional market for derivatives trading, clearing and settlement. The DGCX owns and operates the region’s largest and only multi-asset Clearing House – Dubai Commodities Clearing Corporation (DCCC). DGCX & DCCC are regulated by the Securities & Commodities Authority (SCA). It is recognised as a licensed Central Clearing-Counterparty (CCP) by SCA and a Third-Country CCP by European Securities Markets Authority (ESMA).

The DGCX’s strategic geographic location in Dubai between the Far East, Europe and Africa serves as a unique, global window for traders and investors. With over 100 members across the world, the DGCX drives liquidity in the market by offering a broad range of futures and options contracts covering base and precious metals – including the world’s only Shari’ah Compliant Spot Gold Contract – hydrocarbons, equities, and currencies.