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First day volume on Dubai Gold and Commodities Exchange (DGCX)’s rebar steel futures contract hit 73 lots with open interest of seven.
The exchange rolled out the contracts on 29 October ahead of rival steel contracts to be launched by London Metal Exchange and New York Mercantile Exchange, which will both appear next year. Each contract is of a different specification, model and covers different geographical regions to each other.
“The regulators write these rules in a vacuum, sometimes. They don’t understand the immediate consequences. It’s a learning curve for them too. But Gensler understands this; he comes from the real world.”
RJO boss Gerry Corcoran airs his views on the Dodd-Frank rulemaking process.