Dubai, UAE : Dubai Mercantile Exchange (DME), the premier international energy futures and commodities exchange in the Middle East, today announced the approval of Direct Access USA LLC as a new Clearing Member, to clear and settle trades carried out by its regional and international customers on DME.
Direct Access USA is owned by DA International Financial Services, a Hong Kong registered futures commission merchant which is regulated by the Securities and Futures Commission of Hong Kong and providing global brokerage services for various products including securities, futures, and other financial products. The company has rapidly grown into a leading foreign futures brokerage in Asia Pacific, with customer margin deposits of over $300 million.
Raid Al Salami, MD, DME said: “We are pleased to grow our clearing members list which indicates the increased appetite from new customers to trade Oman Crude Oil Futures, and to participate in the most transparent price discovery mechanism for crude oil produced in the region. We welcome Direct Access USA as the newest DME Clearing Member, and we believe that this will lead to additional liquidity and more diversified traders from around the globe to trade the contract.”
Ge XinQiang, Chairman of Direct Access International Group said: “We are honored to be a clearing member of DME. Direct Access International is a clearing member focused on technical services. We are committed to provide better technical support to customers who are trading in DME products. At the same time, we will help to promote and publish DME products globally, especially in Asia Pacific as a contribution to the liquidity of DME products.”
About Dubai Mercantile Exchange (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, with regulatory permissions allowing access from more than 20 jurisdictions, including the major financial centers of Asia, Europe and the United States. 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
For more information, please contact:
Head of Marketing
+971 506523754 (mobile)
TRACCS (PR agency)
TRACCS 24/7 Media Hotline: +97150 9448389
© Press Release 2020