Dubai, January 29, 2013 - Dubai Mercantile Exchange (DME), the premier international energy futures and commodities exchange in the Middle East, announced Paul Young has joined as Head of Energy Products, effective immediately. Mr. Young brings a wealth of pricing expertise and knowledge of market fundamentals from almost 25 years in financial and commodity markets, including the past 20 years specializing in the oil and energy sector. Most recently, Mr. Young worked as a Senior Market Analyst with Platts Price Group. Among other responsibilities, Mr. Young will work on business development, undertake in-depth market analysis and produce research papers, opinion articles and white papers, which will benefit the DME and its stakeholders.

DME's Chief Executive, Chris Fix said:

"The addition of Paul Young to our expanding team will further bolster DME's position as the de facto benchmark for East of Suez oil price discovery."

"The explosive growth of Asia's markets, which are fueled by sour crude products produced in the GCC, has created a need for an East of Suez pricing benchmark and we believe it makes complete sense for DME, located as it is in the region holding the world's largest oil reserves and facing the world's fastest growing economies, to provide that benchmark. Having Paul, who brings an impressive track record covering oil pricing, oil futures trading and deep understanding of global oil markets and price discovery, will further enhance the DME proposition."

Paul Young joined Platts in 1998 as Editor of European LPG after nearly a decade as a reporter with Dow Jones News Wires and Telerate covering financial, commodities and energy markets. He later managed the refined oil products team in London and the North Sea/Africa/Russia crude desk. Mr. Young went on to Managing Editor, European Oil Markets, before taking a similar role in Singapore, and eventually moving into specialist Pricing and Methodology roles in both Singapore and Dubai.

"During my years as an energy reporter and oil market analyst, the need for an East of Suez benchmark for oil price discovery and the logic of DME as the third global benchmark has become increasingly obvious. The sustained growth of DME and the powerful backing of its shareholders make DME a force to be reckoned with. I look forward to contributing to the ongoing and future success of Dubai Mercantile Exchange through the experience and knowledge I have acquired over nearly a quarter century on the frontlines of energy reporting and analysis."

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About DME
DME is the premier international energy futures and commodities exchange in the Middle East. It aims to provide oil producers, traders and consumers engaged in the East of Suez markets with transparent pricing of crude oil.

Launched in 2007, DME has rapidly grown into a globally relevant exchange. Its flagship Oman Crude Oil Futures Contract (DME Oman) contract is now firmly established as the most credible crude oil benchmark relevant to the rapidly growing East of Suez market. Reflecting the economics of the Asian region like no other contract, and the largest physically delivered crude oil futures contract in the world, DME Oman is the world's third crude oil benchmark and the sole benchmark for Oman and Dubai exported crude oil. 

DME is a fully electronic exchange, accessible from 26 jurisdictions, including London, Singapore and the US. The Exchange is located within the Dubai International Financial Center (DIFC), a financial free zone designed to promote financial services within the UAE. The DME is regulated by the Dubai Financial Services Authority and all trades executed on the DME are cleared through and guaranteed by CME Clearing.

DME is a joint venture between Dubai Holding, Oman Investment Fund and CME Group. Global financial institutions and energy trading firms including Goldman Sachs, JPMorgan, Morgan Stanley, Shell, Vitol and Concord Energy also hold equity stakes in the DME. www.dubaimerc.com

Media Contacts
DME
Heather Astbury, Director Corporate Communications
+971 506523754 (mobile)
heather.astbury@dubaimerc.com

TRACCS (PR agency)
Walid Majzoub
+9714 3672530
walid.majzoub@traccs.net
TRACCS 24/7 Media Hotline: +97150 944838

© Press Release 2013