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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 Located within the Dubai International Financial Centre, the Dubai Mercantile Exchange (DME) is set to become the first energy futures exchange in the Middle East. The aim of the DME is to provide price transparency and market liquidity for petroleum products in the region.  (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 British military and political discussions coined the term East of Suez. It referred to imperial interests beyond the European theatre (sometimes including, sometime excluding the Middle East).  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 CME

See: Chicago Mercantile Exchange


CME

See Chicago Mercantile Exchange (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 New York Mercantile Exchange (NYMEX)

The world's largest physical commodity futures exchange.
, (NYMEX See New York Mercantile Exchange.

NYMEX

See New York Mercantile Exchange (NYM).
) (whose parent, NYMEX Holdings Inc, was recently acquired by the Chicago Mercantile Exchange Chicago Mercantile Exchange (CME)

Chicago Mercantile Exchange (CME) is the largest futures exchange in the United States and the second largest exchange in the world for the trading of futures and options on futures.
), 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 The Financial Services Authority ("FSA") is an independent non-departmental public body and quasi-judicial body that regulates the financial services industry in the United Kingdom. Its main office is based in Canary Wharf, London, with another office in Edinburgh.  (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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