DME hits record daily volume of 6,484 |
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Benchmark DME Oman Crude Oil Futures Contract up 35% on previous high
Dubai - 14th January 2009: The Dubai Mercantile Exchange Limited (DME)Dubai Mercantile Exchange Limited (DME)
announced today that a total 6,484 contracts traded on the Exchange on Tuesday 13th January. This marks a new DMEDME record for volume of contracts traded on the Exchange on a given day, up 35% on the previous high of 4,819, reached on Nov 18th 2008. Making the announcement, Ahmad Sharaf, Chairman of the DMEDME said: "This achievement underlines the global recognition of the DME Oman Crude Oil Futures Contract as the third global benchmark for crude oil. The continued growth of this DMEDME contract highlights the market's desire for transparency and fair value in the pricing of crude oil for the East of Suez markets."
Thomas Leaver, CEO of the DMEDME, added: "These record volumes also reflect the confidence in the DMEDME from international industry participants and global trading community. In these times of extreme credit risk, market participants look for the security afforded by NYMEX central counterparty clearing of DMEDME contracts. Our migration to the CME Group Globex trading platform, due this quarter, will enable an even wider audience to participate in trading the DME Oman Crude Oil Futures Contract."
For the latest trading volumes on the DMEDME, please visit: www.dubaimerc.com
Historical DMEDME trading data can be found at: www.dubaimerc.com/historical.aspx
To register for daily updates, please visit: www.dubaimerc.com/daily_updates_reg.asp
-Ends-
About the Dubai Mercantile Exchange
The Dubai Mercantile Exchange Limited (DME)Dubai Mercantile Exchange Limited (DME), a joint venture between the New York Mercantile Exchange, Inc. (NYMEX) (whose parent, NYMEX Holdings Inc, was recently acquired by the Chicago Mercantile Exchange), Tatweer, a member of Dubai Holding, and the Oman Investment Fund (OIF), is the premier international energy futures and commodities exchange in the Middle East, providing a financially secure, well-regulated and transparent trading environment.
The Exchange has developed and trades the DME Oman Crude Oil Futures Contract, addressing the growing market need for price discovery of Middle East Sour Crude Oil while simultaneously bridging the time-zone gap between Europe and Asia by providing for the trading of energy futures, options and other products.
The DMEDME is a fully electronic exchange. However, in a unique concept, it also brings together a community of traders who operate from trading hubs and individual trading stations on the Exchange's floor, which is located within the Dubai International Financial Centre (DIFC), the region's leading financial services centre. The DMEDME is authorised and regulated by the Dubai Financial Services Authority (DFSA), a world class, independent regulator, and all trades executed on the Exchange are cleared through, and guaranteed by, NYMEX's AA+ rated clearinghouse which is licensed as a Recognised Body by the DFSA.
For further information, please contact:
DMEDME
:Aimee Peters
+971 50 453 2767
aimee.peters@dubaimerc.com
Financial Dynamics:
GCC:
John Hobday
+971 50 4648706
john.hobday@fd.com
Manash Bhuyan
+971 4 332 8832
manash.bhuyan@fd.com
London:
Seán Galvin
+44 (0) 207 269 7133
sean.galvin@fd.com
New York:
Kim Sampson
+1 212 850 5685
kim.sampson@fd.com
Laurel Teo
+65 6224 2987
laurel.teo@fd.com
© Press Release 2009
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