The Dubai Mercantile Exchange (DME), the leading energy futures exchange in the Middle East, announced today that its Membership Committee has approved the application of Marex North America LLC to become a Clearing Member with effect from April 26, 2012.
Marex North America is a subsidiary of Marex Spectron, the world's largest privately owned broker of financial products in the commodities sector and a leader in brokering physical energy products. Marex Spectron becomes the 20th Clearing Member of the Exchange.
Ahmad Sharaf, Chairman of the DME, commented: "The commitment of Marex Spectron to the Exchange is further evidence of growing market confidence in the DME and our flagship Oman futures contract.
"We welcome Marex Spectron to the DME at an exciting time. With its extensive experience, global presence and exceptional client focus, Marex Spectron is a valuable addition to our membership. Following our recent shareholder realignment and recapitalisation, the Exchange continues to enjoy sustained and significant growth in trading volumes and liquidity. We look forward to the contribution of Marex Spectron to that ongoing success."
John Lowrey, Global Head of DMA and Electronic Services at Marex Spectron, said: "We are joining the DME in response to strong customer demand. Expanding the number of markets in which we provide clearing services to our clients, especially in MENA, continues to be an integral part of our business strategy."
About the DME
The Dubai Mercantile Exchange Limited (DME) is the premier international energy futures and commodities exchange in the Middle East, providing a financially secure, well-regulated and transparent trading environment. The DME is majority owned by core shareholders CME Group, the Oman Investment Fund (OIF) and Dubai Holding. Global financial institutions and energy trading firms including Goldman Sachs, JP Morgan, Morgan Stanley, Shell, Vitol and Concord Energy also have equity stakes in the DME.
The exchange has developed and trades the DME Oman Crude Oil Futures Contract along with related swops contracts, addressing the growing market need for price discovery of sour crude oil destined for East of Suez markets, while simultaneously bridging the time-zone gap between Europe and Asia. Launched in June 2007, DME Oman is the largest physically delivered crude oil futures contract in the world.
The DME is a fully electronic exchange, and its contracts are listed on the CME Globex® platform, the world's leading electronic trading platform, providing access to the broadest array of futures and options products available on any exchange. The DME is regulated by the Dubai Financial Services Authority (DFSA) and all trades executed on the exchange are cleared through and guaranteed by NYMEX (a member of CME Group), which is regulated by the US Commodity Futures Trading Commission (CFTC) and is a Recognized Body by the DFSA.
For the latest trading volumes on the DME, please visit: www.dubaimerc.com
Historical DME 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
About Marex Spectron
Marex Spectron Group was formed following the acquisition of Spectron by Marex in March 2011. It is the world's largest privately owned broker of financial products in the commodities sector and a leader in brokering physical energy products. Marex Spectron has significant market share in the energy, metals, freight, environmental and agricultural markets - both on-exchange and over-the-counter. It is also a premier specialist broker of financial futures, foreign exchange and securities.
Clients include commodity producers and consumers, banks, brokers, CTAs, hedge funds and professional traders. Marex Spectron Group is a member of the London Metal Exchange, the London Stock Exchange, the CME Group exchanges, ICE US, NYSE Liffe, ICE Futures and Eurex, and offers access to all major exchanges in the US and Asia.
The Group is headquartered in London, with offices across the USA, Asia and Europe. Its subsidiaries are regulated by the Financial Services Authority in the UK, the National Futures Association in the US and the Securities and Futures Commission in Hong Kong.
Marex Spectron Group is majority owned by JRJ Group and its partners, Trilantic Capital Partners and BXR Group.
For further information, please visit www.marexspectron.com
For further information
DME
Heather Astbury
+971 4 365 5522
heather.astbury@dubaimerc.com
FTI Consulting
GCC:
John Hobday
+971 4 437 2100
john.hobday@fticonsulting.com
London:
Seán Galvin
+44 (0)20 7269 7133
sean.galvin@fticonsulting.com
Jamie Robertson
+44 (0)20 7269 7235
jamie.robertson@fticonsulting.com
For Marex Spectron
James Olley/Tom Batchelar
+44 (0)20 7404 5959
tbatchelar@brunswickgroup.com
© Press Release 2012
