London Gold and Commodities Exchange Enhances Trading System By Having Longer Trading Hours

Top Quote LGCEX will open 1 hour earlier to afford greater edge with the Asian financial markets, members will have access to LGCEX futures contracts 30 minutes before the opening of currency futures markets in Asia. End Quote
  • (1888PressRelease) September 22, 2012 - The LGCEX today state an extension of its trading hours. From the 21st of September, 2012, the Exchange will open from 1 hour earlier than its previous opening time. The prolonged trading time will provide LGCEX members with a 30 minute window before the exchange traded currency derivatives markets open in Asia.

    Commodity and currency futures prices are tightly linked to the prices of their underlying, which makes them much more suitable for 'momentum trading' than equities. The 30 minute window between the LGEX opening and the exchange traded currency derivatives markets opening in Asia, will accept participants on the LGCEX an opportunity to take positions based on overnight indicators, putting them in advance of the thrust curve.

    Mentioning on the initiative, Gary Piper, Chief Operating Officer, LGCEX said: "London Gold and Commodities Exchange has a powerful track record in contract modernization and the Exchange remains committed to further enhancing trading opportunities in commodity and currency derivatives in the region. The release of a new product or contract enhancement on LGCEX is based on both market conditions and feedback from LGCEX Members and market members. The extension of our trading hours is the outcome of this interaction and feedback procedure. "

    The prolonged opening hours are predicted to be of greatest interest to members trading in INR Futures and will enhance LGCEX's leading proposition on this contract. In 2009, LGCEX presented the world's first INR Futures contract. Over the last two years the growth of the contract has been extraordinary, recording an annual volume of 2,348,887 contracts in 2011. Its success has been primarily driven by international interest in India's economy and currency. In addition, India's rapidly growing trade flows, increased cross border investments and the rise and fall in exchange rates, have created a corresponding requirement to hedge risk. Increasing trade between Middle East is also a key factor behind the contract's achievement, benefiting a wide volume of members as well as traders, importers, exporters, and local businesses.

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