DGCX to Launch PKR Futures Contract in April

The Dubai Gold & Commodities Exchange (DGCX) today announced that it will soon launch a Pakistani Rupee (PKR) Futures Contract, scheduled to go live on 16 April 2021. The latest launch aims to enable market participants to expand their trading opportunities to the Pakistani market. 

Additionally, the Dubai Commodities Clearing Corporation (DCCC), a Central Counterparty (CCP) providing clearing and settlement services to DGCX, will provide margin offsets for calendar spreads in PKR Futures, which will result in greater capital efficiency for DGCX members.

As detailed in the official release, 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.

Les Male, CEO of DGCX, said: “We are proud to launch the long-awaited PKR Futures Contract, which will add further diversification to our currencies portfolio, and provide our members with additional short-term hedging and arbitrage opportunities. Pakistani nationals are the second largest population in the UAE, and as this Contract is the first of its kind in any regulated exchange, we are confident that this Contract will provide market participants with ample opportunity and flexibility to gain exposure to the large and increasingly prominent Pakistani market. We are confident that this launch will play a key role in DGCX’s future growth strategy and look forward to announcing the launch of similar initiatives shortly.”