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Half a million contracts traded since launch of DME, says DME.

Byline: news@cpifinancial.net (Staff Writer)

The Dubai Mercantile Exchange (DME) said that more than 500,000 lots of its benchmark DME Oman Crude Oil Futures Contract have traded since the launch of the Middle East's premier energy futures and commodities exchange on 1 June 2007. <p>At the close of trading on 2 December 2008, the DME Oman Crude Oil Futures Contract had traded a total of 500, 495 contracts, equivalent to 500,495 million barrels of oil. <p>Making the announcement, Ahmad Sharaf, Chairman of the DME said proudly, "This is a truly remarkable milestone that clearly demonstrates the steady progress that we have been making since our launch last year. The DME Oman Crude Oil Futures Contract is increasingly recognised as the first successful exchange traded contract for price transparency in the East of Suez markets, joining West Texas Intermediate (WTI) and Brent crude oil futures contracts as the world's benchmarks for crude oil." <p>Tom Leaver, Chief Executive Officer of the DME, gave his two cents when he said, "This success was underscored by the commitment of seven international companies purchasing equity stakes in the DME during 2008, demonstrating that even in a turbulent financial climate, there is a compelling value proposition offered by the DME. We look forward to continued growth and setting new records, as the visibility and reach offered by CME Globex gives further impetus to the growing liquidity of the DME's contracts."<p>The Dubai Mercantile Exchange (DME), a joint venture between the New York Mercantile Exchange, (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), and likes to describe itself as the premier international energy futures and commodities exchange in the Middle East, providing a financially secure, well-regulated and transparent trading environment.<p>The DME is authorised and regulated by the Dubai Financial Services Authority (DFSA) 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. <p>2008 CPI Financial. All rights reserved.

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Publication:CPI Financial
Date:Dec 3, 2008
Words:364
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